Novig sports contracts ruled not swaps by SDNY judge
A federal judge in the Southern District of New York ruled Nov. 10 that prediction market Novig's sports event contracts are not swaps under the Commodity Exchange Act, denying Novig's request to stop New York from enforcing its gambling laws. The decision by U.S. District Judge Colleen McMahon means federal commodities law does not preempt New York's gambling and sports-wagering statutes, so the state can require Novig to obtain a gambling license or stop listing and trading the contracts.
Key Takeaways Judge Colleen McMahon ruled Nov. 10 that Novig's sports event contracts are not swaps under the Commodity Exchange Act. New York may now require Novig to hold a state gambling license or stop…
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