Novig and Underdog take share in prediction-market combos

Multi-leg prediction-market trades made up half of industry-wide contract volume in August, up from 14% in February. The figures suggest that combos, the parlays of prediction markets, have become a more prominent feature of the yes-no exchange business.

The numbers come from a new Eilers & Krejcik Gaming report by analyst Brad Allen. In that report, Underdog had combos accounting for 48.3% of its overall sports contract volume, while Novig was not far behind at 35.5%.

Allen said Underdog had climbed quickly from a standing start in July to the second-best combo share in the market. He said that reflected both lower contract breadth and a customer base already used to building parlays in Underdog’s core pick’em product.

Novig, which debuted its nationwide sports-focused exchange on Aug. 4, placed fourth on the combo-share measure. Crypto.com’s Nadex, which clears trades for multiple companies, ranked third.

DraftKings recorded 1.5% of overall August contract volume from combos, and it did not offer the feature on DKeX until late in the month. Even so, Allen said the company traded 11 million combo contracts in four days, or about 36% of its total contract volume over that stretch.

Another Casino.org report said Novig was already averaging 21 million contracts a day, ahead of Rothera and Underdog. The latest report said Novig and Underdog were among the fastest risers in the industry, and suggested the trend could continue as both companies step up customer acquisition with football season under way.