Novig / Ludlow Exchange
Peer-to-peer sports prediction market operating nationwide on its own CFTC-designated exchange.
Regulatory posture
- Ludlow Exchange LLC, the entity behind Novig, received DCM designation on June 16, 2026, under seven months after filing.
- Runs a peer-to-peer model in which users trade against each other rather than a house book, and had passed $5 billion in cumulative volume before designation.
- Sued five state attorneys general in its first ten days of nationwide operation — New York, Massachusetts, New Mexico, Washington and Wisconsin — on the CEA-preemption theory Kalshi is litigating, all five still pending.
- Chose first-strike federal filings over waiting for state enforcement, buying operating room in states whose recent records against Kalshi make the merits difficult.
Licensing
- DCM
- Approved (Ludlow Exchange LLC, June 16, 2026)
- State coverage
- Launched nationwide across 47 states on August 4, 2026; preemption suits pending against New York, Massachusetts, New Mexico, Washington and Wisconsin
Filings on the tracker (1)
Licensing Tracker- DCMLudlow Exchange LLC (Novig affiliate)ApprovedJun 16, 2026
Products
Development timeline
Dated developments compiled for this operator, newest first. Select an entry for the full detail.
- September 16, 2026
Named in Missouri's six-operator cease-and-desist order
Missouri AG Catherine Hanaway ordered Novig, alongside five other operators, to stop offering sports event contracts to Missouri residents within 30 days or obtain a license from the Missouri Gaming Commission, saying she expects a settlement effort before any lawsuit (enf-mo-ag-six).
- September 10, 2026
Named in Connecticut's nine-operator cease-and-desist order
Connecticut's Department of Consumer Protection ordered Novig, alongside eight other operators, to stop offering sports event contracts to Connecticut residents and to let existing customers withdraw funds, part of a nearly-30-subpoena escalation of the state's enforcement campaign (enf-ct-dcp-nine).
- August 14, 2026
Filed a 45-page preemption complaint against Wisconsin, its fifth state suit in ten days
Novig sued Wisconsin AG Josh Kaul and gaming administrator John Dillett, the first of its suits filed before offering contracts to the state's residents rather than after, seeking preliminary and permanent injunctions plus a declaration that the CEA preempts Wisconsin's gambling statutes as applied to its CFTC-designated event contracts. Wisconsin had sued Kalshi, Polymarket, Crypto.com, Robinhood and Coinbase over the same contracts in April 2026, and a federal judge there had already denied the CFTC's own bid to enjoin that campaign.
- August 9, 2026
Filed companion preemption suits against Massachusetts, New Mexico and Washington
Novig filed federal preemption actions against Massachusetts AG Andrea Campbell, New Mexico AG Raul Torrez and the state Gaming Control Board, and Washington AG Nick Brown, each seeking a declaration that the CEA and the June 16, 2026 DCM designation of Ludlow Exchange preempt state gaming law as applied to its event contracts. Gaming-law attorney Daniel Wallach flagged Massachusetts and Washington as the toughest of the group, both having already obtained injunctions against Kalshi.
- August 5, 2026
Sued New York's AG and Gaming Commission a day after launching there
Novig launched its sports event contracts across 47 states including New York on August 4, 2026, and one day later sued AG Letitia James and New York State Gaming Commission officials for a declaratory judgment and preliminary injunction that the CEA preempts New York's gambling laws as applied to its contracts, following the theory Kalshi, Polymarket and Coinbase have advanced against the state.
Show 2 earlier developmentsCollapse earlier developments
- June 16, 2026
CFTC designated Ludlow Exchange a DCM, the second sports-native approval in five days
The CFTC granted Designated Contract Market registration to Ludlow Exchange LLC, the entity backing Novig, in under seven months. The approval allows Novig to offer federally regulated sports event contracts across all 50 states under a single CFTC oversight framework and gives it the same federal preemption arguments against state gaming regulators as other CFTC-registered DCMs.
- December 15, 2025
DCM application entered the CFTC portal
Regulatory history
No enforcement actions matching this operator by name.
Recent activity
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