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Sweepstakes prediction market

What is a sweepstakes prediction market?

A sweepstakes prediction market uses a promotional-prize model instead of a financial-market licence, which some US states have banned.

On Polymarket

Novig ran as a sweepstakes-based sports market before its exchange became a CFTC designated contract market in June 2026, and it restricted New Jersey after that state's sweepstakes ban [1][2][3].

👉 Polymarket vs Novig

Designated contract market (DCM) · CFTC · Event contract

Frequently asked questions

How does Sweepstakes prediction market work on Polymarket?

Novig ran as a sweepstakes-based sports market before its exchange became a CFTC designated contract market in June 2026, and it restricted New Jersey after that state's sweepstakes ban .

Sources

  1. Novig raises $75M Series B (PR Newswire) (2026-02-18)
  2. CFTC industry filings: Ludlow Exchange, LLC (designated contract market) (2026-06-16)
  3. Covers: Novig departs New Jersey after sweepstakes ban (2025-08-20)

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