New York Judge Rejects Novig Injunction, State Gambling Laws Apply to Its Market

A federal judge in New York has rejected the preliminary injunction request from sports prediction market platform Novig, allowing New York State to apply gambling and sports betting laws to its activities. The court ruled that Novig's event contracts do not fall under the definition of "Swap" in the Commodity Exchange Act. Gambling attorney Daniel Wallach stated that state regulators may turn to actively exercising enforcement powers in state court, which could be the next significant chapter in the sports prediction market litigation.

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