The New York Mets have announced an agreement with Novig that will make the prediction market exchange an “exclusive” partner of the MLB team. “Beginning this season, Novig will be integrated across the Mets ecosystem through a comprehensive portfolio of in-ballpark, broadcast, digital and social activations,” according to an official statement that was published on Thursday.
Novig is a CFTC-regulated exchange that focuses solely on sports-based event contracts. Once it has launched nationwide, its products are expected to be immediately available in approximately 38 jurisdictions as legal challenges initiated by multiple states concerning sports event contracts are decided.
Both Novig and the New York Mets commented on the new deal, which fans could begin seeing the results of as soon as this month.
“Our mission is to build the home for sports trading,” said Novig CEO and Co-Founder Jacob Fortinsky. “Partnering with one of baseball’s most iconic franchises allows us to bring that vision directly to fans in one of the greatest sports markets in the world. The Mets have consistently embraced innovation that enhances the fan experience and together, we’re introducing a new way for fans to engage with the game that is transparent, regulated and built on integrity.”
Lew Sherr, President of Business Operations for the New York Mets, said that the team is “proud to be the first Major League Baseball club to partner with a prediction market company, giving our fans a new and engaging way to connect with the game. Innovation is a defining characteristic of our business, and this partnership is another example of our commitment to staying at the forefront of the evolving sports landscape. It reflects our broader goal of delivering unique experiences for our fans and continuing to attract industry-leading partners who want to grow alongside the Mets.”
Ironically, Novig’s deal with the New York Mets was announced mere hours before the state of New York filed an unprecedented lawsuit that seeks at least $36 billion from rival prediction exchange Kalshi. This makes the timing of the deal “at least slightly interesting,” according to industry analyst and Next Event Horizon Substack author Dustin Gouker, who noted that the Mets’ official X account had uploaded and deleted several related posts on X before settling on one that has received a lot of negative feedback.
At this time, it is unknown how (or where) the New York lawsuit against Kalshi will proceed. The CFTC has filed an emergency motion that seeks a temporary restraining order against the state’s intended enforcement actions against the country’s most prominent CFTC-regulated prediction market. For its part, Kalshi is attempting to have New York’s suit removed from state court and into Manhattan federal court.
Meanwhile, Novig is poised to capture at least a small percentage of revenue from market leaders Kalshi and Robinhood once it goes live in one month. Once Novig has launched, it will offer sports-based contracts only, which means customers will still need to use a separate exchange for outcomes related to elections, politics, entertainment, and global affairs.
Loading …
