THE BLOCK · 2026-11-11 09:40 UTC

New York federal judge denies Novig's injunction bid, rules its sports event contracts are not swaps

U.S. District Judge Colleen McMahon denied Novig's preliminary injunction bid, ruling its sports event contracts are not swaps under the Commodity Exchange Act. The decision lets New York require Novig to obtain a state gambling license or stop listing and trading sports event contracts on its platform. Novig's parent, Ludlow Exchange, received CFTC contract market designation in June 2026 and began offering the contracts to New York customers in August.

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