Why This Prediction Market Banned Teens
As regulators and Big Tech crack down on betting-flavored trading apps, Novig's CEO is betting that keeping minors out is the price of staying in.
Written by OutOfToken AI
August 13, 2026 · 4 min read · Synthesized from reporting by Wired · How this works
Jacob Fortinsky, CEO and cofounder of the prediction market Novig, wants you to know his platform isn't like the others. That distinction matters more than ever, as prediction markets face mounting pressure from regulators, state lawmakers, and even Google over whether they're really just gambling apps wearing a fintech costume.
A Sector Under Siege
Prediction markets let users trade contracts on real-world outcomes — elections, sports results, weather events, even album sales. Proponents argue these markets serve a public good by aggregating collective belief into a single probability, turning crowd wisdom into a tradable price. Critics see something simpler: a bet dressed up as a security.
The Age Problem
That tension has put youth access under the microscope. Kalshi, one of the most prominent federally regulated players in the space, has rolled out face ID verification by default for users who already have it enabled, and has urged parents to lock down accounts with two-factor authentication. The company has also launched additional safeguards aimed specifically at keeping minors off the platform.
"Alphabet moved to end real-money prediction market transactions on the Chrome Web Store amid backlash against platforms like Kalshi and Polymarket."
Big Tech Draws a Line
Google's parent company, Alphabet, didn't wait for legislators to act. Facing growing scrutiny of Kalshi and Polymarket, the company updated its Chrome Web Store policies to prohibit prediction market transactions outright. The move signals that even the infrastructure layer of the internet — app stores, browsers, payment rails — is no longer neutral ground for this industry.
States Are Split
Lawmakers aren't unified on how to handle this either. Minnesota attempted to enforce a statewide ban on prediction markets, arguing the contracts function more like sports betting than legitimate financial trading — notable in a state that still lacks a legal sports betting framework. A judge blocked that ban from taking effect, leaving the legal status of these platforms unsettled even as public pressure builds.
Fortinsky's insistence that Novig operates differently reflects where the industry now finds itself: proving trustworthiness has become as important as building the product. With Alphabet restricting access, states litigating bans, and rivals scrambling to add identity checks, age verification isn't just a compliance checkbox anymore — it's the argument for why any of these platforms should be allowed to survive.
Editorial Note
The research corroborates all major factual claims in the article: Kalshi's youth safeguards, Alphabet's Chrome Web Store ban, Minnesota's blocked ban, and the general mechanics of prediction markets. The sources confirm regulatory scrutiny and youth access concerns. The article's framing of the tension between prediction markets as information-aggregation tools versus gambling is supported by source material discussing both perspectives.
Claim Tracker
AI-assessed
Source 5 confirms: 'the platform made face ID the default for users who already have it enabled on their phones and encouraged parents to use Kalshi with two-factor authentication to prevent their kids from accessing their accounts.'
Source 4 confirms: 'Google parent company Alphabet has updated its Chrome Web Store to prohibit prediction market transactions' with an Aug. 1 effective date.
Source 6 confirms: 'Judge blocks new Minnesota prediction market ban from going into effect on August 1st' and describes the legislative effort and legal challenge.
Source 6 states: 'the state remains one of only a handful of states in the nation without a legal sports betting framework.'
Source 3 confirms multiple outcome types including weather, political elections, album sales, and sports; Source 2 confirms the general mechanism of trading contracts on future outcomes.
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