Novig Raises $75M, Seeks CFTC Approval for Prediction Market

Novig Raises $75M Series B to Expand Trader-First Sports Prediction Market

Sports prediction exchange Novig has raised $75 million in Series B funding, according to a company announcement and press release. The round was led by Pantera Capital, with participation from Multicoin Capital, Makers Fund, Edge Equity, and existing investors Forerunner Ventures, NFX, and Perceptive Ventures.

The raise brings Novig’s total funding to more than $105 million since launching in late 2024.

In a blog post authored by Co-Founder and CEO Jacob Fortinsky, the company said its trading volume increased more than tenfold in 2025, reaching $4 billion in annualized platform volume. Novig also reported surpassing 100,000 traders on its platform.

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Key Highlights
+ Novig raised $75 million in Series B funding, bringing total capital raised to over $105 million since 2024.
+ Round led by Pantera Capital, with participation from Multicoin Capital, Makers Fund, Edge Equity, Forerunner, NFX, and Perceptive Ventures.
+ Company reports 10x trading volume growth in 2025, reaching $4 billion in annualized platform volume.
+ Novig operates a commission-free, peer-to-peer exchange model rather than a traditional sportsbook.
+ The company has submitted an application to the CFTC seeking nationwide regulatory approval.

A Peer-to-Peer Alternative to Traditional Sportsbooks

Novig positions itself as a commission-free, peer-to-peer sports trading exchange. Instead of customers wagering against a house that builds margin into odds, users trade directly against each other.

Traditional US sportsbooks operate on a “house” model, embedding a margin, commonly referred to as vigorish or “vig,” into pricing. Exchanges, by contrast, match opposing traders and typically monetize through commissions or spread mechanisms. Novig states it eliminates both hidden vig and commissions, describing its model as “trader-first.”

The company argues that exchange-style pricing can improve long-term outcomes for skilled participants and remove the risk of account limits or bans tied to consistent winnings, practices that have drawn criticism in the broader sportsbook market.

That claim sits at the center of Novig’s pitch: sports betting should function more like a financial exchange than a casino.

CFTC Application and Nationwide Ambitions

Novig confirmed it has submitted an application to the Commodity Futures Trading Commission (CFTC) seeking approval to operate as a regulated prediction market available in all 50 states.

The regulatory pathway mirrors efforts by other prediction market operators attempting to list sports-related event contracts under federal oversight rather than state gaming frameworks. That approach remains politically sensitive, as several lawmakers have introduced legislation to restrict federally regulated exchanges from offering sports event contracts.

If approved, CFTC oversight would allow Novig to operate nationally, rather than navigating state-by-state sports betting licenses.

At Novig, we believe the future of sports betting is trader-first, trusted, and transparent. We believe markets — not casinos — should set prices. And we believe sports prediction markets should be as fair and efficient as any modern financial exchange.

–Jacob Fortinsky | CEO & CO-Founder of Novig

Betting and Financial Markets Continue to Converge

Novig’s raise comes amid growing overlap between traditional sportsbooks and financial-style prediction markets. Major operators have explored exchange partnerships, and several prediction market platforms have expanded into sports contracts.

The broader thesis advanced by Novig leadership is that sports betting and financial markets are converging toward exchange-based models emphasizing liquidity, transparency, and price discovery.

Whether regulators ultimately endorse that framework for sports nationwide remains an open question. But the capital backing Novig suggests that investors see demand for an alternative structure in a US sports betting market that generated more than $2 trillion in global wagering volume, according to the company's statements.

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What is Series B Funding?
A Series B round signals that Novig has moved beyond early validation and is now raising capital to scale operations, expand its platform, and pursue regulatory approval following demonstrated product-market fit and rapid growth.

The Bottom Line

Novig’s $75 million Series B signals continued investor appetite for exchange-style sports prediction platforms. With reported rapid growth, institutional backing from crypto-focused venture firms, and a pending CFTC application, the company is positioning itself at the center of the debate over how sports event markets should be structured and regulated in the United States.

If the exchange model gains regulatory clarity, it could represent one of the more significant structural shifts in US sports wagering since state legalization began in 2018.