On November 10, District Judge Colleen McMahon of the Southern District of New York denied Novig's request for a preliminary injunction against the state, ruling that the prediction market's sports event contracts do not qualify as swaps under the Commodity Exchange Act. McMahon found that the underlying events lack the financial, economic, or commercial consequences required for swap status and concluded Novig's contracts constitute sports betting. The ruling allows New York to require Novig to obtain a gambling license or prohibit trading of its sports event contracts on the platform.

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