Federal Court in New York Denies Motion for Preliminary Injunction by Sports Prediction Market Novig

According to TechFlow, on November 11, the U.S. District Court for the Southern District of New York denied a preliminary injunction sought by Ludlow Exchange, the operator of sports prediction market Novig, to block New York State from applying its gambling laws to the platform.

At the preliminary injunction stage, the court found that Novig's sports event contracts do not fall within the definition of swap contracts under the Commodity Exchange Act, and that New York State may require it to obtain a state gambling license or prohibit the relevant contracts from being listed and traded on its market. Court filings show that Novig was designated as a contract market by the U.S. Commodity Futures Trading Commission in June 2026 and began offering sports event contracts to New York customers in August.

Source: TechFlow