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Novig and Underdog See Huge Growth in Prediction Market Combos

By jili tutorial · September 4, 2026

Novig and Underdog Post Strong Growth in Prediction Market Parlays

According to a recent report from Eilers & Krejcik Gaming (EKG), analyst Brad Allen noted that in August, Underdog’s combo share of total sports contract volume reached 48.3%, while Novig posted a 35.5% share. Allen attributed this surge in part to Underdog’s narrower contract selection and a customer base already comfortable building parlays through the company’s core pick’em product.

Rapid Rise Despite Short Operating History

The swift climb of both Novig and Underdog in contract volume rankings is especially notable given how recently each platform launched. Underdog debuted its wholly owned prediction market exchange in July, just a few months after acquiring the Aristotle Exchange in March to begin offering event contracts. Meanwhile, Novig launched its yes/no sports-focused betting exchange nationwide on August 4. The company reported $125 million in U.S. trading volume during its first week alone—a figure that placed the newcomer ahead of established rivals Kalshi and Polymarket in their respective first-week trading volumes.

How Novig’s Sports-Focused Model Stands Apart

Novig differentiates itself from Kalshi and Polymarket by concentrating primarily on sports. The platform currently does not offer contracts tied to other real-world events, such as politics. It is also worth noting that, unlike the other two major players, Novig is a private company and its stock is not publicly traded.

Strategic Timing and Baseball’s Lead

The company reported that baseball betting accounted for the largest share of sports event contracts traded on its platform during the first week. Novig also timed its launch strategically, just ahead of the upcoming NFL, NBA, and Premier League seasons—a move that likely contributed to the high trading volume.

Despite its recent debut, Novig has already been drawn into the broader legal battle surrounding prediction markets. Like Kalshi and Polymarket, the company argues that its platform falls under the regulatory authority of the Commodity Futures Trading Commission (CFTC), rather than individual U.S. states. Novig has subsequently filed lawsuits against New York, Massachusetts, Washington, New Mexico, and Wisconsin, contending that those states cannot apply their gambling laws to the platform’s sports contracts.

Novig Shifts to a Financial Market Approach

In other recent news, Novig has stopped offering American-style odds, deciding instead to focus on a financial market model using percentage-based probabilities.