TRO denied; preliminary injunction to be decided on the papers2d Cir.Platform v. State
Docket last checked September 22, 2026. Snapshot — not legal advice.
As of September 25, 2026, New York has a restriction on prediction-market platforms currently in effect. New York status and cases →
Overview
The live one of Novig’s five suits, and a clean demonstration of how much Kalshi v. Williams now costs a new entrant in New York. Ludlow Exchange LLC — Novig’s exchange entity, a CFTC-designated contract market since June 2026 — sued the Attorney General and the Gaming Commission in August 2026 and asked for an immediate temporary restraining order.
It got assigned the hard way. Novig filed the case as related to Williams; Judge Analisa Torres declined the relatedness designation and the case went back to the wheel, landing with Judge Colleen McMahon. On August 11, 2026 Judge McMahon denied the TRO in an order that says out loud what the procedural posture is worth: the plaintiff "hopes, by filing this action, to get around" the Kalshi decision "by convincing another judge in this district to reach a different conclusion," and the court "will not undermine Judge Torres’ decision by entering any order granting emergency relief without full briefing."
Read the denial narrowly. Judge McMahon expressly did not decide the merits and wrote that she "may or may not reach the same ultimate conclusion as Judge Torres." She also proposed merging the preliminary and permanent injunction motions into a single final judgment; the Attorney General objected, so the court dropped that and is deciding the preliminary injunction alone.
Changes
Logged September 22, 2026
Correction
September 11 was an initial pretrial conference, not oral argument as we had said. Judge McMahon will decide Novig’s injunction on the papers after its September 24 reply; New York opposed on September 10, and tribal amici were granted leave to file for the state.
The CFTC designates Ludlow Exchange LLC as a contract market.
August 2026
Novig sues the New York Attorney General and Gaming Commission and moves for a preliminary injunction and an emergency TRO.
August 2026
Judge Torres declines the case as related to Kalshi v. Williams; it is reassigned to Judge McMahon, who denies the TRO without reaching the merits.
September 2026
New York opposes the preliminary injunction; at a September 11 pretrial conference the court says it will decide on the papers; tribal amici are granted leave to file for New York.
What's next: New York opposed the motion on September 10, 2026. At an initial pretrial conference on September 11, Judge McMahon set Novig’s reply for September 24 and said she will decide the motion on the papers without oral argument. A coalition of tribes and tribal gaming organizations was granted leave on September 18 to file an amicus brief supporting New York.
Parties
Plaintiffs
Ludlow Exchange, LLC d/b/a Novig
Defendants
Letitia James (New York Attorney General)
Robert Williams (Executive Director, New York State Gaming Commission)
Brian O’Dwyer (Chair, New York State Gaming Commission)
Commissioners of the New York State Gaming Commission
This page is informational, not legal advice. Nearly every entry in this tracker is a preliminary ruling under appeal. Always verify a platform's current, location-specific eligibility directly with the venue before relying on this page.