A growing sweepstakes sports trading platform got a $75 million funding round in preparation of entering the forecast market industry.
- Novig has actually raised over $105 million because last September.
- The sports trading platform will utilize the financing to continue innovating its product.
- Novig has actually looked for CFTC approval to launch a forecast market platform.
Novig, founded in 2021 by Jacob Fortinsky and Kelechi Ukah, announced the Series B round on Wednesday, led by Pantera Capital. Multicoin Capital, Makers Fund, and Edge Equity also bought the peer-to-peer trading company.
Combined with an $18 million financing round from September 2025 from investors Forerunner, Perceptive Ventures, and NFX, Novig raised more than $105 million in in less than a year.
"We picked to partner with the very best crypto endeavor firms worldwide to further accelerate our strategies to make Novig the most effective and liquid sports prediction market on the planet," said Fortinsky, who's likewise Novig's CEO. "Others are utilizing forecast market innovation to financialize brand-new markets with unproven need. We leverage it to fix damaged markets where need currently exists."
Carrying on up
Novig is currently seeking Designated Contract Market approval from the Commodity Futures Trading Commission (CFTC), which federally manages forecast markets. The company plans to use the new capital to spearhead item innovation to provide monetary markets and take sports to a different level with forecast markets.
Novig has grown quickly over the last number of years, which has significantly assisted attract investors. The platform's trading volume grew by 10 times in 2025, and the business reported an annualized volume of $4 billion. Available in more than 35 states, Novig as soon as operated in more before legislator in multiple jurisdictions prohibited sweepstakes casino video gaming. Gaining CFTC approval and relocating to a prediction market design would put Novig in all 50 states, barring the result of court fights in Nevada and Massachusetts.
"Novig combines the cultural heart beat of sports with the openness and effectiveness of prediction markets," Ukah, Novig's CTO, stated. "Most forecast market volume today is on sports, yet those platforms weren't developed with sports or sports wagerers in mind. We are providing a much better exchange that is constructed by sports traders, for sports traders."
Built for prediction success?
Novig has been utilizing a sweepstakes design, but its sports wagering platform, which uses spreads, moneylines, overalls, and props, runs as a trading exchange in between users, who do not pay a commission fee. Novig has actually already developed a name for itself in the industry and has a trading team on staff. The business would have the ability to rapidly transition into a prediction market prepared to contend with Kalshi, Polymarket, DraftKings Predictions, and FanDuel Predicts.
"Novig is showing that prediction markets can basically improve sports wagering by getting rid of the exploitative middleman," stated Paul Veradittakit, handling partner at Pantera Capital. "Their peer-to-peer exchange provides what conventional sportsbooks can't: better chances, fairer market structure, and alignment between platform success and user success.
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Novig Raises $75M in Funding Towards Prediction Market Plans
tylerrasco1378 edited this page 2026-04-28 22:57:14 +02:00