A growing sweepstakes sports trading platform received 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 used for CFTC approval to introduce a forecast market platform.
Novig, founded in 2021 by Jacob Fortinsky and Kelechi Ukah, revealed the Series B round on Wednesday, led by Pantera Capital. Multicoin Capital, Makers Fund, and Edge Equity also purchased the company.
Combined with an $18 million funding round from September 2025 from financiers Forerunner, Perceptive Ventures, and NFX, Novig raised more than $105 million in capital in less than a year.
"We chose to partner with the finest crypto venture companies worldwide to further accelerate our plans to make Novig the most efficient and liquid sports forecast market worldwide," said Fortinsky, who's likewise Novig's CEO. "Others are utilizing prediction market innovation to financialize new markets with unproven need. We utilize it to repair broken markets where demand already exists."
Proceeding up
Novig is presently seeking Designated Contract Market approval from the Commodity Futures Trading Commission (CFTC), which federally regulates prediction markets. The company prepares to use the new capital to spearhead product innovation to use monetary markets and take sports to a various level with forecast markets.
Novig has actually grown rapidly 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 when operated in more before lawmaker in multiple jurisdictions prohibited sweepstakes gambling establishment video gaming. Gaining CFTC approval and relocating to a prediction market design would put Novig in all 50 states, disallowing the result of court fights in Nevada and Massachusetts.
"Novig combines the cultural heartbeat of sports with the transparency and performance of prediction markets," Ukah, Novig's CTO, said. "Most prediction market volume today is on sports, yet those platforms weren't developed with sports or sports gamblers in mind. We are delivering a better exchange that is built by sports traders, for sports traders."
Built for forecast success?
Novig has actually been using a sweepstakes model, but its sports betting platform, which offers spreads, moneylines, totals, and props, runs as a trading exchange between users, who do not pay a commission cost. Novig has currently built a name for itself in the market and has a trading group on staff. The company would be able to rapidly shift into a prediction market prepared to take on Kalshi, Polymarket, DraftKings Predictions, and FanDuel Predicts.
"Novig is proving that prediction markets can basically reshape sports wagering by removing the exploitative middleman," said Paul Veradittakit, managing partner at Pantera Capital. "Their peer-to-peer exchange provides what standard sportsbooks can't: much better odds, fairer market structure, and alignment in between platform success and user profitability.
