designated-contract-market
(2)
Novig
Novig is a commission-free, peer-to-peer sports prediction exchange that lets users trade against each other instead of betting against the house. By running an order-book market with no vig (the bookmaker's hidden cut), Novig delivers fairer odds, full transparency, and no limits on winning players. Founded in 2021 by Harvard students Jacob Fortinsky and Kelechi Ukah, the New York company has raised over $105 million and is pursuing a federal CFTC license to operate a regulated sports exchange in all 50 states.
Kalshi
Kalshi is a New York-based, CFTC-regulated financial exchange where people trade contracts on the outcomes of real-world events - elections, economic data, sports, weather, corporate events and culture. Founded in 2018 by MIT classmates and former quant traders Tarek Mansour and Luana Lopes Lara, it became the first U.S. exchange federally approved to list event contracts. By 2026 it accounts for the large majority of U.S. prediction-market activity, has raised roughly $2.6 billion across its rounds, and was valued at $22 billion after a $1 billion Series F.