Wired · Polymarket · The Block
Prediction market Novig sues Wisconsin AG in latest spat over sports contracts
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Sports-focused prediction market platform Novig sued Wisconsin Attorney General Josh Kaul and state gaming administrator John Dillett on Friday in anticipation of the state suing it, as it had sued other prediction markets over similar offerings in April.
Key facts
- Ludlow Exchange LLC, the Novig subsidiary that operates its exchange, filed the 45-page complaint in the U.S. District Court for the Western District of Wisconsin
- The Mets are the first Major League Baseball club to partner directly with a prediction market platform, according to Front Office Sports
- There’s a broader reckoning coming with the younger traders," Novig CEO and co-founder Jacob Fortinsky told WIRED
- Novig also requires users to be at least 21 years old
Summary
Ludlow Exchange LLC, the Novig subsidiary that operates its exchange, filed the 45-page complaint in the U.S. District Court for the Western District of Wisconsin. Novig argues that enforcement is likely imminent because of Wisconsin's prior lawsuits against the other prediction market platforms. Novig also requires users to be at least 21 years old. Wisconsin sued Kalshi, Polymarket, Robinhood, Crypto.com and Coinbase in April, as The Block previously reported, alleging their sports-related event contracts violate its commercial gambling ban and create what it called a "public nuisance.