Prediction Market Trading Soars as Novig Sues Over Regulatory Status

Novig has filed a lawsuit against Wisconsin's Attorney General in a dispute over whether sports prediction markets fall under federal derivatives rules or state gambling laws.

The case is part of a broader fight in the crypto industry, with prediction market trading volume reaching $9.50 billion on August 16, according to Artemis data across 12 platforms.

This is significantly higher than the previous year's figure of $139.8 million, representing a 67-fold increase.