Novig has raised $75 million in a Series B round to expand its trader-first sports prediction market and accelerate its push toward federal regulation. The round was led by Pantera Capital, with participation from Multicoin Capital, Makers Fund, Edge Equity, and existing investors Forerunner Ventures, Perceptive Ventures, and NFX. The financing brings Novig’s total capital raised to more than $105 million.
Novig operates a commission-free, peer-to-peer sports trading exchange built on an order-book model, allowing users to trade against one another rather than against the house. The company reported a 10x increase in trading volume during 2025, with annualized trading volume now exceeding $4 billion.
The platform positions itself as an alternative to traditional sportsbooks, which typically operate on an against-the-house model. By removing commissions, hidden “vig,” and limits on winning players, Novig aims to provide a more transparent and market-driven experience for sports traders.
As part of its next phase of growth, Novig has submitted an application to the Commodity Futures Trading Commission to become a licensed Designated Contract Market. If approved, the designation would allow the company to operate as a federally regulated exchange available in all 50 states.
The new capital will support expanded product development, including additional markets, deeper liquidity, and advanced trading tools tailored to sports traders. Novig is also focused on onboarding more institutional liquidity and continuing to scale its prediction market infrastructure. The company has grown its team to more than 50 employees across operations, engineering, and trading functions.
Novig describes itself as a sweepstakes-based sports prediction market and the only platform offering commission-free, peer-to-peer trading on sports, aiming to align platform success with user profitability while modernizing the sports betting experience.
KEY QUOTES
“Our mission is to democratize and financialize sports markets, and we’re proud of the fact that Novig users are 10 times more likely to win than on traditional sportsbooks. We chose to partner with the best crypto venture firms in the world to further accelerate our plans to make Novig the most efficient and liquid sports prediction market in the world. Others are using prediction market technology to financialize new markets with unproven demand. We leverage it to fix broken markets where demand already exists.”
Jacob Fortinsky, Co-Founder and CEO, Novig
“Novig is proving that prediction markets can fundamentally reshape sports betting by removing the exploitative middleman. Their peer-to-peer exchange delivers what traditional sportsbooks can’t: better odds, fairer market structure, and alignment between platform success and user profitability. When 23% of users are profitable compared to 2% on traditional platforms, it’s clear this is a foundational change to the industry. We’re excited to lead this round and support Jacob, Kelechi, and the team as they build a sports prediction market that actually puts bettors first.”
Paul Veradittakit, Managing Partner, Pantera Capital
“Novig combines the cultural heartbeat of sports with the transparency and efficiency of prediction markets. Most prediction market volume today is on sports, yet those platforms weren’t built with sports or sports bettors in mind. We are delivering a better exchange that is built by sports traders, for sports traders.”
Kelechi Ukah, Co-Founder and CTO, Novig
