Last Updated on 2 weeks ago by Krieg Wolfson
Novig Explained: How It Works, Deposits, Withdrawals, and Common Questions
Novig Explained for New Customers: Novig is a sports prediction market where customers trade real-money contracts tied to sporting outcomes. Rather than placing a conventional sportsbook wager, you buy a position at a market price and either hold it until settlement or, when available, close it before the event ends. Novig describes its current platform as a CFTC-regulated exchange, separate from a state-licensed sportsbook.
For customers, the most important things to understand are how orders get matched, what fees apply, when funds become available to withdraw, and how contracts settle. This guide answers those questions without ratings, promotional recommendations, or a review verdict.
Note: XSportsbook is not an affiliate or partner of Novig and receives no compensation from Novig.
Novig Explained for New Customers Information checked October 21, 2026. Eligibility, payment options, fees, and platform features may change.
Novig Explained for New Customers: What Is Novig?
Novig is a prediction market for sports event contracts. A contract represents an outcome, such as a team winning a game or a player hitting a home run. Customers trade those contracts with other market participants at prices reflecting what buyers and sellers are willing to accept.
Contract prices move between $0 and $1. Under normal settlement, a winning contract pays $1 and a losing contract pays $0. Your purchase price determines how much you risk and how much profit you can make if the outcome wins.
Is Novig a Sportsbook?
No. Novig’s current help center identifies it as a federally regulated event-contract exchange operating under commodities law, rather than a sportsbook licensed through individual state sports-betting systems.
That distinction matters when reading older articles. Descriptions of Novig as a sweepstakes platform, including explanations involving Novig Coins and Novig Cash, no longer describe its current account structure.
How Is Novig Different From Traditional Sports Betting?
The key difference is how customers enter and exit positions. Novig lets you accept an available market price or submit an order at a price you choose and wait for another participant to match it. Eligible positions can also be closed before settlement, subject to available market activity.
Choosing your own price does not guarantee that a trade will happen. An order waiting for a match is different from a completed trade.
Novig Explained for New Customers: Where Is Novig Available?
According to Novig’s current eligibility guidance, the platform is available nationwide except in Arizona, Michigan, and Nevada. Customers must be at least 21 years old.
Eligibility depends on your physical location when using the platform, not simply your home address. Living in an eligible state does not allow you to trade while visiting an excluded state.
What Happens if You Travel to an Excluded State?
Novig says existing positions will continue to settle normally, but customers physically located in an excluded state cannot create new orders, deposit, or withdraw. Those restrictions apply until the customer returns to an eligible location.
This makes location verification relevant to more than just placing a trade: it can also affect access to account transactions.
Novig Explained for New Customers: Does Novig Use Real Money?
Yes. Novig’s current platform uses real money, and customers must deposit funds before trading. Account balances display in USD.
What Happened to Novig Coins and Novig Cash?
Both currencies have been retired. Novig says remaining Novig Cash balances were converted to USD, and activity now runs through a single real-money account.
If you are returning after using an earlier version of the platform, older instructions about buying coins or redeeming sweepstakes currency should not be used to understand the current deposit and withdrawal process.
Are Trade Credits the Same as Cash?
Trade Credits are not interchangeable with unrestricted cash for every feature. For example, Novig’s help center says Trade Credits can be used on take orders but not make orders, and positions using Trade Credits cannot be sold early. Customers should check the terms attached to the specific credit or promotion.
Novig Explained for New Customers: How do Prices & Payouts Work?
A contract’s price represents the amount paid for each contract and the market’s implied probability of the outcome. A contract priced at $0.60 corresponds to approximately a 60% implied probability—not a guarantee that the outcome will occur.
For standard winning and losing outcomes:
- A winning contract settles at $1.
- A losing contract settles at $0.
- Profit is the settlement return minus the purchase cost and any applicable fees
A Simple Payout Example
Suppose you purchase 100 contracts at $0.60 each in a fee-free pregame straight market:
| Item | Amount |
|---|---|
| Purchase cost | $60 |
| Return if the outcome wins | $100 |
| Net profit if it wins | $40 |
| Return if the outcome loses | $0 |
| Loss if it loses | $60 |
This is an illustrative example using Novig’s $1 winning-contract settlement structure and current fee-free treatment of pregame straight trades on the app and website. It is not a live market quote.
The distinction between return and profit is important: receiving $100 after spending $60 means a $40 profit, not a $100 profit.
Replace the existing “What Do You Need to Open a Novig Account?” section with this expanded section.
Novig Explained for New Customers: Know Your Customer Requirements
Novig Account Verification and KYC Requirements
Novig requires customers to complete identity verification, also called KYC (“Know Your Customer”). This process helps confirm that customers meet eligibility requirements, prevents fraud, and supports compliance with anti-money-laundering and other legal obligations. Customers must be at least 21 years old to use Novig.
What Information Does Novig Require for Verification?
According to Novig’s account-verification guide, customers provide the following information during signup:
- Full legal name.
- Date of birth.
- Current address.
- Phone number.
- Last four digits of their Social Security number.
Novig may also require a photo ID. Its documentation lists a U.S. driver’s license or U.S. state-issued ID as accepted documents. The document must be current, and the name must match the Novig account exactly.
Why Does Novig Ask for Your Social Security Number?
Novig says it collects the last four digits of your Social Security number to confirm your identity and meet anti-money-laundering and other legal requirements. Its verification guide does not describe a full nine-digit Social Security number as a standard signup requirement.
How Long Does Novig Verification Take?
Verification is typically instant when the information submitted matches public records, according to Novig. However, a photo ID may also be requested, so customers should not assume every account will be approved immediately.
What Should You Do if Verification Fails?
First, check that the information entered matches your official records:
- Use your legal name rather than a nickname.
- Check your date of birth for typing errors.
- Make sure your address is current.
- Confirm that any submitted ID is unexpired and matches the name on your account.
Novig identifies name mismatches and outdated addresses as common verification problems. If the issue continues, contact in-app Live Chat with the error details
Can Novig Manually Approve Your Account?
Novig’s current verification guide says its third-party system makes automated verification decisions and that no manual account-verification review process is currently available. Support can help explain an error, but customers should not assume an agent can override a failed automated check.
What if Your Verification Code Does Not Arrive?
For an email code, check your spam or junk folder. For a text-message code, confirm that the phone number is correct and that your phone can receive messages from short codes. Novig recommends waiting at least 60 seconds before requesting another code and notes that some VoIP numbers may not be supported.
Can Novig Ask You to Verify Again?
Yes. Novig may request re-verification for security or regulatory reasons. Its help center says customers who receive an “ACTION REQUIRED” notification should follow the instructions promptly because re-verification is necessary to continue using withdrawal-related features.
Is Identity Verification the Same as Location Verification?
No. Identity verification confirms who you are; location verification checks where you are physically located when accessing trading features. Completing KYC does not remove location restrictions. Novig checks device location when customers open the app to trade, so location permissions must also be enabled.
Can You Verify More Than One Novig Account?
No. Novig allows only one verified account per person, including accounts that have been permanently closed. If you cannot access an existing account, contact support rather than creating a replacement account.
Novig Explained for New Customers: Start Trading
How Do You Place a Trade on Novig?
Novig offers two basic order types: Take and Make. The difference is whether you accept an existing price or submit your own.
What Is a Take Order?
A take order accepts an existing price available in the market. Novig describes this as the option for immediate execution at the displayed price.
Before confirming, check the selected outcome, order size, total cost, and any fee shown. Fees vary by market and trade type, so the contract price alone does not always represent the complete entry cost.
What Is a Make Order?
A make order posts a price you choose and waits for another participant to accept the other side. It can provide a more favorable entry price, but it may remain unfilled if nobody accepts it.
Novig uses approved price increments, so customers cannot enter every possible fractional price. If a requested price is rejected, it may fall outside the platform’s permitted increments.
Why Hasn’t Your Order Been Filled?
An unfilled make order generally means no other participant has matched it at your requested price. Submitting the order puts it into the market; it does not, by itself, create a completed position.
An order can also fill in portions. Novig’s documentation describes situations where part of an order fills against existing liquidity while the remaining portion stays available for other participants.
Why Did Your Order Cancel Automatically?
Make orders have timers:
- Pregame make orders cancel when the selected duration expires or the event goes live, whichever happens first.
- Live make orders cancel when their selected duration expires or the event ends, whichever happens first.
- If Novig marks an event live earlier than the displayed start time, open pregame make orders are canceled at that point.
An automatic cancellation therefore does not necessarily mean something went wrong with your account.
Do You Pay a Fee for an Unfilled Order?
No. Novig says trading fees apply only when a trade executes. There is no fee for placing, modifying, or canceling an order that never fills.
Can You Sell a Position Before the Event Ends?
Yes, for eligible straight positions when sufficient market activity is available. The selling value reflects the current market price, not a fixed percentage of the original purchase amount. It can be higher or lower than what you initially paid.
To sell:
- Open Portfolio.
- Find an eligible position with a Sell button.
- Review the offer and displayed profit or loss.
- Select Confirm Sell.
Novig says the sold amount is added to the wallet immediately after confirmation.
Why Is There No Sell Button?
Novig currently limits early selling to straight orders. Parlays and positions using Trade Credits are not eligible. Even an otherwise eligible straight position may lack a Sell button if there is insufficient market activity to generate a live price.
Is Selling the Same as Getting a Refund?
No. Novig explains that selling closes a position through an offsetting order on the opposing side. That is why the final value can differ from the original amount paid.
It also explains why account history may show several related transactions—including an offsetting order or price-improvement entry—rather than a single refund.
Does Novig Charge Fees?
Yes, on certain trades and deposit methods. “No vig” should not be interpreted as “every transaction is free.”
Under Novig’s current trading fee schedule:
| Trade type | Current fee treatment |
|---|---|
| Maker fills | No maker trading fee |
| Pregame straight trades on the app or website | No trading fee |
| Live straight trades accepted as a taker | Taker fee applies |
| Futures straight trades accepted as a taker | Taker fee applies |
| Parlays taken through the app or website | Fee included in the quoted price |
Novig’s schedule distinguishes maker fills, which supply liquidity, from taker fills, which accept available liquidity.
How Are Trading Fees Calculated?
Novig uses the formula:
\text{Fee}=\text{Coefficient}\times P\times(1-P)\times\text{Number of contracts}Here, P is the contract price in dollars. The current coefficient is 0.06 for live and futures straight taker trades, and 0.10 for parlays. Parlay fees are already included in the quoted price.
For example, Novig lists a $1.50 fee for taking 100 live straight contracts at $0.50. Fees are added to the entry cost rather than deducted from the $1 settlement value of a winning contract.
Novig Explained for New Customers: Deposits and Withdrawals
How Do Novig Deposits Work?
Novig offers different deposit pricing depending on the payment method. Its current documentation lists the following:
| Deposit method | Published processing fee |
|---|---|
| Bank transfer through Stripe or Aeropay | No fee |
| Supported stablecoin or crypto deposit through Coinflow | No fee |
| Credit card | 3% |
| Debit card | 3% |
| Apple Pay | 3% |
The fee is shown before confirmation. Payment-method availability can vary by location and account status.
What Cards Does Novig Accept?
Novig lists Visa, Mastercard, American Express, and Discover for card deposits. Card and Apple Pay transactions are processed through Coinflow.
What Is the Minimum Deposit?
The official deposit-pricing documentation reviewed for this article does not state a universal minimum deposit. Check the amount accepted by your selected payment method in the app rather than treating a promotional qualifying deposit as the platform-wide minimum.
For example, a promotion requiring a $10 deposit establishes that offer’s qualification threshold, not necessarily the minimum for every ordinary deposit.
How Do Novig Withdrawals Work?
Customers can request a withdrawal through Account, then Withdraw, select an amount and an available payment method, and confirm the request. Novig currently lists bank transfer, debit card, and Venmo as withdrawal options.
What Is the Minimum Withdrawal?
Novig’s official withdrawal documentation states a $10 minimum.
Do You Have to Trade Your Deposit Before Withdrawing?
No. Novig says deposited funds do not have a playthrough requirement. However, funds committed to open or unsettled positions are not available to withdraw until released.
This policy concerns deposited funds; customers should separately check the terms governing promotional credits.
How Long Do Withdrawals Take?
Novig says withdrawals can often be processed within minutes when no manual review is required and the queue is short. Manual reviews typically take up to 24 hours, with possible delays of 24–48 hours during high-volume periods.
Processing by Novig is not necessarily the same as arrival in your bank or payment account. After review, funds are sent to the payment provider and follow that provider’s timelines.
Why Is Your Withdrawal Pending?
Possible reasons include incomplete identity verification, funds committed to open positions, or a routine compliance and security review. A manual review does not, by itself, mean there is a problem with your account.
Novig says support cannot expedite a manual review or guarantee its completion time. If 48 hours have passed without the withdrawal being processed, its guidance is to contact support
Novig Explained for New Customers: Which Sports Does Novig Offer?
Novig currently lists contracts covering:
- Professional and college football.
- Professional baseball.
- Men’s and women’s professional basketball.
- Men’s and women’s college basketball.
- Professional hockey.
- Golf.
- Tennis.
- Soccer.
- MMA.
Availability varies by season. A sport appearing in the supported list does not mean its markets will be available throughout the year.
Does Novig Offer Parlays and Live Trading?
Yes. Novig’s documentation covers parlays and live markets, with separate fee treatment for each. Customers should also remember that parlays currently cannot be sold early.
How Are Novig Trades Settled?
Contracts settle automatically based on official sporting results from the relevant league or governing body. Under normal settlement, a winning contract pays $1 and a losing contract pays $0. Customers do not need to request the payout.
How Long Does Settlement Take?
Novig says completed event results may take up to one hour to appear in Portfolio. Settled positions can be checked under the Settled tab.
What Happens if a Game Is Canceled or a Player Does Not Participate?
Read the terms of the specific contract. Novig says contract terms now govern settlement, including the outcome, timing, and other conditions that apply. Older assumptions about standard sportsbook voids or refunds may not match those terms.
A particularly important distinction is Fair Value Settlement.
What Is Fair Value Settlement?
Fair Value Settlement, or FVS, applies when a contract can no longer produce a valid yes-or-no outcome or when its terms specifically require fair-value treatment. Instead of simply returning the original purchase amount, Novig settles the contract using its value immediately before the disrupting information became known.
Novig explicitly describes FVS as a settlement, not a refund. The amount received can therefore differ from the amount originally paid. Its calculation process normally examines trading during the 30 minutes before the defined reference time.
This is why customers should check cancellation, participation, and disruption terms before trading—not only after an unexpected event occurs.
What Should You Check When Something Seems Wrong?
Different problems require different checks:
- Location restriction: Check whether you are physically in an eligible jurisdiction. Traveling into an excluded state affects trading, deposits, and withdrawals.
- Verification hold: Check whether identity verification is complete and whether a document needs attention.
- Unfilled order: Confirm whether the order is a make order waiting for a match or whether its timer has expired.
- Missing Sell button: Check whether the position is eligible and whether sufficient market activity exists.
- Unavailable withdrawal balance: Review open positions and any pending verification requirements.
For an app error or transaction that remains unexplained, contact official support rather than assuming an unfilled order or pending payment has failed.
Novig Explained for New Customers: Contact Novig Support
Novig lists in-app Live Chat as an account-support option. Its official help center also provides guidance covering payments, trading, settlement, verification, and account controls.
When contacting support, describe the issue clearly and include the relevant order or payment reference, approximate time, and any error message. For screenshots, hide sensitive personal and payment information.
Can You Set Limits or Take a Break?
Yes. Novig offers deposit limits and trading limits with daily, weekly, or monthly settings. Customers can access these through Account and Trading Limits or contact support through Live Chat.
Novig says limits are processed by its team and are not active until confirmed by email. Once set, a limit cannot be changed for 24 hours.
Customers can also choose a time-out period ranging from one day to six months. Novig states that a submitted time-out cannot be shortened or lifted early, and account access and trading are unavailable during that period.
Before placing any trade, review the full entry cost and the contract’s settlement conditions. Those details determine what you pay, what you can receive, and what happens if the event does not proceed as expected.
Novig Explained for New Customers: Problem Gamgling
If gambling is causing difficulty in your presonal or financial life. There is help available.
National Council on Problem Gamgling
