Fintech Firm Urges Sports Betting Regulation as Financial Product

Novig CEO Jacob Fortinsky advocates for regulating sports betting as a financial product rather than gambling, proposing a shift to a federal Designated Contract Market framework. This move aims to enable the company's launch across all 50 U.S. states. Meanwhile, Adam Mastrelli of 57 Maiden reported being banned from major sportsbooks due to his successful betting strategies, highlighting potential issues with current industry practices and the need for a more structured regulatory approach. The company's transition signals a growing trend towards treating prediction markets with financial market oversight.