Less than a month after applying for registration with the Commodity Futures Trading Commission (CFTC), Novig has received a fresh injection of capital to spur growth.
The New York-based sports trading platform announced that it has closed a $75m Series B funding round, which it said values the business at approximately $500m. Novig’s latest round was led by asset manager Pantera Capital, an investment company specializing in digital asset and blockchain companies. The round also included Multicoin Capital, Makers Fund, Edge Equity and existing investors Forerunner and Perceptive Ventures.
To date, Novig has raised more than $105m in total capital. Its latest injection of fresh capital comes after the company closed an $18m Series A round in August 2025.
“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,” said Novig CEO Jacob Fortinsky. “Others are using prediction market technology to financialize new markets with unproven demand. We leverage it to fix broken markets where demand already exists.”
New funding comes after multiple pivots by Novig
Novig garnered the attention of investors after undergoing several shifts in strategy.
The company debuted in 2021 as a betting exchange, providing operations in only two U.S. markets: New Jersey and Colorado. Novig entered the two states as they were the only markets to consider licensing applications to operate as a betting exchange.
Novig offered sports betting in Colorado before eventually exiting the state. It then shifted to a sweepstakes model of gaming, launching sweeps in 42 states and Washington, D.C., and leveraging a dual-currency system of payment to offer free-to-play prediction gaming to consumers. According to data provided by Novig, over 50% of its sweepstakes were peer-to-peer.
Pushback against sweeps models by lawmakers and gaming stakeholders led to Novig exiting New Jersey after the state approved a ban on dual-currency games.
Novig seeks CFTC approval
Novig is once again shifting strategy amid its new latest funding round by entering the prediction market space as other states outside of New Jersey ban sweepstakes models. Last month, it applied for registration with the CFTC, the federal regulator of event contract trading in the U.S.
Novig applied for CFTC registration as a designated contract market (DCM) under Ludlow Exchange LLC, which would allow it to supply event contracts to consumers. Companies that currently operate as DCMs include Kalshi, Crypto.com and Polymarket.
The prediction market space could provide Novig with new opportunities as CFTC Chair Michael Selig advocates for event contracts to remain under federal regulation. Selig is advocating for federal oversight as state regulators take issue with sports event contracts.
