# What is Novig? > Independent. Not affiliated with, endorsed by or sponsored by Novig. Canonical: https://novigapi.com/guides/what-is-novig Facts checked: 2026-11-12 Novig is a CFTC-regulated sports prediction market where users trade event contracts with each other instead of betting against a house. Its exchange operator, Ludlow Exchange, LLC, was designated a contract market by the CFTC on 16 June 2026. Contracts trade between $0 and $1 and winning contracts pay $1. (Source: [CFTC: Designated Contract Markets list (Ludlow Exchange, LLC, designated 06/16/2026)](https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizations?col=Status&dir=DESC&page=1)) ## Novig in one paragraph Novig describes itself as a CFTC-regulated prediction market for sports. Instead of accepting a bet at odds a bookmaker sets, Novig runs an exchange where users buy and sell event contracts, such as Team A wins or Player X records over 199.5 passing yards. A contract's price sits between $0 and $1 and reflects the market's current estimate of the probability that the outcome happens. At settlement a winning contract pays $1.00 and a losing one pays $0. You can also sell before the event ends to lock in a gain or cut a loss. ## Who runs Novig The exchange is Ludlow Exchange, LLC, doing business as Novig. The CFTC's list of designated contract markets shows Ludlow Exchange as designated on 16 June 2026, and Novig's program terms give its address as 169 Madison Avenue in New York. Novig announced its nationwide launch as a federally regulated market on 4 August 2026. In that release Novig also claimed more than $6 billion in cumulative trading volume, a figure it reports about itself and that we could not check independently. ## From sweepstakes app to exchange Before August 2026 Novig ran a sweepstakes-style product with two currencies, Novig Coins and Novig Cash. Its help center now says both currencies are retired, that all activity runs through a single real-money account, and that any remaining Novig Cash balance was converted to US dollars. Many reviews and forum threads written before the relaunch still describe the old coin model, so check the date on anything you read. The [Novig coins guide](https://novigapi.com/guides/novig-coins-vs-cash) covers what changed. ## Novig compared with a sportsbook How Novig's model differs from a traditional sportsbook, per Novig's help center (checked 12 Nov 2026) | Question | Traditional sportsbook | Novig | | --- | --- | --- | | Who is on the other side | The book | Another user, or a liquidity provider on parlays | | Who sets the price | The book's traders | Orders from users on the exchange | | How the price is shown | American or decimal odds | A percentage, which is the contract price | | Margin | Built into the odds | No vig in prices; a separate, published fee on some trades | | Regulator | Each state's gaming regulator | The CFTC, under federal commodities law | | Exit before the result | Cash-out offer if the book provides one | Sell your contracts on the exchange | ## What you can trade Novig's help center lists contracts on professional and college football, professional baseball, men's and women's professional and college basketball, professional hockey, golf, tennis, soccer and MMA, with availability depending on the season. Market types include winners, spreads, totals, player props and futures, plus parlays that combine two or more legs. Select NFL player props also come in a protected version that settles at fair value if the player sits out the second half; see the [protected props guide](https://novigapi.com/guides/novig-protected-props). ## Who can use Novig - You must be 21 or older. - You must pass identity verification: legal name, date of birth and address, and in some cases the last four digits of your SSN and a photo ID. - You must be physically located in an eligible state at the time you trade. Novig excludes Arizona, Michigan and Nevada; see [Novig legal states](https://novigapi.com/novig-legal-states). - Each person may hold only one Novig account. ## How Novig makes money Because users trade with each other, Novig does not profit from users losing. Its published revenue lever is trading fees: under the schedule checked on 12 Nov 2026, pre-game straight trades carry no fee, while takers pay a fee on live straight trades, on futures and on parlays, where the fee is built into the quoted price. Card and Apple Pay deposits also carry a 3% processing fee. The [Novig fees guide](https://novigapi.com/guides/novig-fees) has the formula and worked examples. ## The open legal question Novig's position is that its sports contracts are federally regulated derivatives, so state sports-betting licenses do not apply. Several states disagree, and on 10 November 2026 a federal judge in New York denied Novig's request to block state enforcement there. Novig still listed New York as available on the checked date. The [states hub](https://novigapi.com/novig-legal-states) tracks where things stand. If you work with this data in code, Novig has an official trading API and free daily CSVs. [The Novig data API](https://novigapi.com/novig-api) is an independent, read-only layer on top: no Novig account, names resolved, intraday line history, fair prices and alerts. ## Questions ### Is Novig a legit sportsbook? Novig is not a sportsbook. It is a CFTC-designated exchange where users trade sports event contracts with each other. Its operator, Ludlow Exchange, LLC, appears on the CFTC's list of designated contract markets with a designation date of 16 June 2026. ### Why is Novig legal? Novig says its contracts are derivatives regulated by the CFTC under federal commodities law, so it does not need state sports-betting licenses. Some states and courts dispute that, which is why availability can change. ### In what states is Novig legal? Novig's states page, updated 10 Nov 2026, lists every state and Washington, DC except Arizona, Michigan and Nevada. Eligibility depends on where you are physically located when you trade. ### How does Novig make money? Through trading fees. Takers pay a published fee on live, futures and parlay trades; pre-game straight trades and maker fills carry no fee under the current schedule. ## Sources - [Novig Help Center: What is Novig?](https://support.novig.com/en/articles/10336081-what-is-novig) - [CFTC: Designated Contract Markets list (Ludlow Exchange, LLC, designated 06/16/2026)](https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizations?col=Status&dir=DESC&page=1) - [Novig Help Center: Eligibility and Legality](https://support.novig.com/en/articles/16194031-eligibility-legality) - [Novig: What states is Novig available in? (updated 10 Nov 2026)](https://novig.com/blog/novig-states-where-you-can-play-novig) - [PR Newswire: Novig launches nationwide (4 Aug 2026)](https://www.prnewswire.com/news-releases/novig-launches-nationwide-bringing-the-leading-sports-trading-platform-to-fans-across-the-country-302841548.html) - [Novig docs: Maker Credit Program](https://docs.novig.com/maker-credit-program) - [Novig Help Center: Fees on Novig](https://support.novig.com/en/articles/16195057-fees-on-novig) - [Yogonet: New York judge rejects Novig bid (12 Nov 2026)](https://www.yogonet.com/international/news/2026/11/12/127272-new-york-judge-rejects-novig-bid-to-block-state-sports-betting-enforcement) --- Get a free API key: https://novigapi.com/sign-up . Docs: https://novigapi.com/docs . MCP: https://novigapi.com/api/mcp . Operated by Stunning Couches LLC. Independent. Not affiliated with, endorsed by or sponsored by Novig.