A federal judge just handed New York a win over sports prediction market Novig.
• Novig's request for a preliminary injunction against New York was denied on Nov. 10
• The court found its sports event contracts are not swaps under the Commodity Exchange Act
• New York can require a state gambling license or a halt to the offerings
Why it matters: CFTC oversight may not shield sports prediction markets from state gambling law.
Source: AskSpinner (court opinion summary)
Not financial advice.
💬 Should sports prediction markets be regulated as finance or as gambling?
#PredictionMarkets #CFTC #CryptoRegulation
• Novig's request for a preliminary injunction against New York was denied on Nov. 10
• The court found its sports event contracts are not swaps under the Commodity Exchange Act
• New York can require a state gambling license or a halt to the offerings
Why it matters: CFTC oversight may not shield sports prediction markets from state gambling law.
Source: AskSpinner (court opinion summary)
Not financial advice.
💬 Should sports prediction markets be regulated as finance or as gambling?
#PredictionMarkets #CFTC #CryptoRegulation