Prediction market Novig sues Wisconsin Attorney General in anticipation of state lawsuit over sports contracts
Prediction market platform Novig has filed a lawsuit against Wisconsin Attorney General Josh Kaul and state gaming administrator John Dillett. The move is preemptive, as Novig anticipates Wisconsin will sue it over its sports-related event contracts, similar to past actions against other prediction markets like Kalshi and Polymarket. Novig argues its contracts are swaps under the Commodity Exchange Act, falling under CFTC's exclusive jurisdiction, while Wisconsin contends they are state-regulated bets. This is the fifth state Novig has sued since August 4, part of a broader legal campaign as the company expands nationwide. Novig recently partnered with the New York Mets.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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