Novig Raises $75M in Funding Towards Prediction Market Plans
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A growing sweepstakes sports trading platform received a $75 million financing round in preparation of getting in the forecast market industry.

- Novig has raised over $105 million given that last September.

- The sports trading platform will use the funding to continue innovating its product.

- Novig has used for CFTC approval to launch 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 likewise invested in the peer-to-peer trading 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 very best crypto endeavor companies on the planet to more accelerate our plans to make Novig the most effective and liquid sports forecast market on the planet," stated Fortinsky, who's also Novig's CEO. "Others are utilizing prediction market innovation to financialize new markets with unproven need. We take advantage of it to repair damaged markets where need already exists."

Proceeding up

Novig is currently seeking Designated Contract Market approval from the Commodity Futures Trading Commission (CFTC), which federally regulates forecast markets. The business plans to use the brand-new capital to spearhead item development to use 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 assisted attract financiers. 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 several jurisdictions banned sweepstakes casino gaming. Gaining CFTC approval and transferring to a prediction market design would put Novig in all 50 states, disallowing the outcome of court fights in Nevada and Massachusetts.

"Novig combines the cultural heart beat of sports with the transparency and efficiency of prediction markets," Ukah, CTO, stated. "Most prediction market volume today is on sports, yet those platforms weren't developed with sports or sports gamblers in mind. We are providing a better exchange that is constructed by sports traders, for sports traders."

Built for prediction success?

Novig has actually been utilizing a sweepstakes design, but its sports wagering platform, which offers spreads, moneylines, totals, and props, operates as a trading exchange in between users, who do not pay a commission cost. Novig has already constructed a name for itself in the industry and has a trading team on staff. The business would be able to quickly shift into a forecast market prepared to take on Kalshi, Polymarket, DraftKings Predictions, and FanDuel Predicts.

"Novig is showing that prediction markets can fundamentally improve sports wagering by removing the exploitative middleman," said Paul Veradittakit, handling partner at Pantera Capital. "Their peer-to-peer exchange delivers what traditional sportsbooks can't: much better chances, fairer market structure, and positioning between platform success and user success.