The New York Mets have signed a multi-year partnership with Novig, designating the platform as the team’s exclusive official prediction market partner starting this season. The deal includes branding at Citi Field along with broadcast and digital integrations. Novig operates through Ludlow Exchange LLC, which received Designated Contract Market status from the CFTC in June, allowing it to offer sports-based event contracts under federal derivatives regulation without requiring state-by-state licensing.
Novig has also secured authorisation as an MLB-approved prediction market, placing it within the league’s integrity programme that mandates market monitoring, reporting procedures, and prohibits high-risk contract types such as single-pitch outcomes. This differs from Polymarket, which MLB named as its official prediction market exchange partner in March. Novig functions as a peer-to-peer exchange where users trade against each other with prices determined by order flow, unlike traditional sportsbooks that take counterparty positions.
The move reflects broader industry momentum toward CFTC-regulated prediction markets. Sporttrade abandoned its state-licensed sportsbook operations in May to pursue federal designation, while DraftKings launched DKeX and FanDuel partnered with CME Group on event contracts. Novig has processed over five billion dollars in cumulative volume and plans a nationwide rollout in August.
FXnCO Insight
The shift from state-licensed wagering to federally regulated event contracts represents a significant regulatory arbitrage opportunity but requires brokers and fintech operators to understand derivatives compliance frameworks that differ substantially from traditional gaming regulation.
Source: Finance Magnates