Preliminary Injunction Request Denied, New York State Gambling Law Can Apply to Novig Sports Prediction Market

Odaily Report: A federal judge in New York denied sports prediction market platform Novig's preliminary injunction request, ruling that its event contracts do not qualify as "swaps" under the Commodity Exchange Act, and that New York State may apply gambling and sports betting laws to its activities. Gambling attorney Daniel Wallach stated that state regulators may soon shift from defending enforcement authority in federal court to actively exercising that authority in state court, which could become the next important chapter in sports prediction market litigation.