The New York Federal Court rejected the preliminary injunction application from the sports prediction market Novig

According to a ruling by the U.S. District Court for the Southern District of New York, the operator of the sports prediction market Novig, Ludlow Exchange, had its application to block a preliminary injunction regarding the applicability of betting laws in New York State denied.

The court determined at the preliminary injunction stage that Novig's sports event contracts do not fall under the definition of swap contracts as defined by the Commodity Exchange Act, allowing New York State to require it to obtain a state betting license or prohibit the relevant contracts from being listed and traded in its market. The ruling document shows 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.