A growing sweepstakes sports trading platform got a $75 million funding round in preparation of going into the prediction market industry.
- Novig has actually raised over $105 million given that last September.
- The sports trading platform will utilize the funding to continue innovating its product.
- Novig has actually made an application for CFTC approval to introduce a forecast market platform.
Novig, established 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 business.
Combined with an $18 million financing round from September 2025 from investors Forerunner, Perceptive Ventures, and NFX, Novig raised more than $105 million in capital in less than a year.
"We chose to partner with the very best crypto venture firms worldwide to more accelerate our plans to make Novig the most effective and liquid sports forecast market in the world," said Fortinsky, who's also Novig's CEO. "Others are utilizing forecast market technology to financialize brand-new markets with unverified need. We take advantage of it to repair broken markets where demand already exists."
Carrying on up
Novig is presently looking for Designated Contract Market approval from the Commodity Futures Trading Commission (CFTC), which federally manages prediction markets. The company prepares to use the new capital to spearhead product innovation to provide monetary markets and take sports to a various level with prediction markets.
Novig has grown quickly over the last couple of years, which has significantly helped draw in financiers. The platform's trading volume grew by 10 times in 2025, and the company reported an annualized volume of $4 billion. Available in more than 35 states, Novig once ran in more before legislator in numerous jurisdictions banned sweepstakes gambling establishment gaming. Gaining CFTC approval and relocating to a forecast market model would put Novig in all 50 states, disallowing the outcome of court fights in Nevada and Massachusetts.
"Novig combines the cultural heartbeat of sports with the transparency and effectiveness of forecast markets," Ukah, Novig's CTO, said. "Most forecast market volume today is on sports, yet those platforms weren't built 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 actually been using a sweepstakes design, however its sports betting platform, which provides spreads, moneylines, totals, and props, runs as a trading exchange in between users, who do not pay a commission charge. Novig has currently built a name for itself in the market and has a trading group on staff. The business would be able to quickly shift into a prediction market prepared to complete with Kalshi, Polymarket, DraftKings Predictions, and FanDuel Predicts.
"Novig is proving that forecast markets can essentially reshape sports betting by getting rid of the exploitative intermediary," said Paul Veradittakit, handling partner at Pantera Capital. "Their peer-to-peer exchange provides what standard sportsbooks can't: better chances, fairer market structure, and alignment in between platform success and user success.