Prediction Market Platform Novig Sues Wisconsin, Arguing Sports Contract Should Be Under CFTC Exclusive Jurisdiction

BlockBeats News, August 17th - Sports event prediction market platform Novig filed a lawsuit against Wisconsin Western District Federal Court, with State Attorney General Josh Kaul as the defendant. Wisconsin had already sued platforms such as Kalshi, Polymarket, Robinhood, Crypto.com, and Coinbase back in April, alleging that their sports event contracts violated state laws and constituted "public nuisance." Anticipating that it would also be sued soon, Novig chose to take preemptive legal action. On a legal basis, Novig argues that its sports contracts fall under the category of derivatives under the Commodity Exchange Act and should be under the exclusive jurisdiction of the CFTC.