Polymarket · TikTok · Iran · Wired
Why This Prediction Market Banned Teens
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
Twenty-eight-year-old Jacob Fortinsky has been busy.
Key facts
- Unlike industry leaders like Polymarket and Kalshi, which allow people 18 and older to participate, you have to be at least 21 to use Novig
- Also, the sports trading company he runs, Novig, launched its prediction market last week, facilitating $18 million in trading volume on its first day
- That means when it advertises on TikTok, for example, it uses a setting that allows targeting only people over 21
- Because Novig only offers sports-themed markets, it doesn’t wade into some of the more hotly contested topics, like US elections and the Iran war
Summary
Unlike industry leaders like Polymarket and Kalshi, which allow people 18 and older to participate, you have to be at least 21 to use Novig. Fortinsky sees this move as staying ahead of the curve as concerns grow about the negative impact that prediction markets can have on teens. Novig’s rulebook also prohibits marketing to minors, and lays out guidelines banning other marketing practices, like ads that claim there’s no risk or ads that try to appeal to a prospective participant’s money troubles. Because Novig only offers sports-themed markets, it doesn’t wade into some of the more hotly contested topics, like US elections and the Iran war. States are suing Kalshi and other platforms, alleging that they illegally offer gambling; Kalshi is suing right back; the Commodity Futures Trading Commission, which oversees the industry, is suing several states, arguing that it alone has jurisdiction over these markets.