Overview: What kind of market is this?

Missouri's prediction-market dispute escalated in October 2026 when Novig, operating as Ludlow Exchange LLC, sued Attorney General Catherine Hanaway along with Missouri Gaming Commission Executive Director Michael Lear and Chair Jan Zimmerman in federal court, seeking to enjoin enforcement of the state's gambling and sports-wagering laws against its sports-event contracts. The suit, filed 16 October 2026, tests whether federal preemption shields CFTC-registered event contracts from the state's sports-wagering licensing regime under Missouri Constitution Art. III section 39(g) and 11 CSR 45-20.150. The Attorney General's broader 18 September 2026 cease-and-desist campaign against six operators, Kalshi, Polymarket, Crypto.com, Novig, Underdog, and Robinhood, reached its thirty-day compliance deadline around the same period without confirmed full compliance. PrizePicks had already suspended new entries on its own sports-event-contract product in Missouri in early October, citing the same legal environment, though existing entries remain active and payable.