Novig set to expand into prediction market sector after funding boost
Novig has raised fresh capital and taken a key regulatory step as competition intensifies in the US sports prediction market sector.
The commission-free, peer-to-peer sports trading platform announced the close of a $75 million Series B round of funding led by Pantera Capital, with participation from Multicoin Capital, Makers Fund, Edge Equity, and existing investors. The financing lifts Novig’s total capital raised to more than $105 million.
The funding follows a period of rapid expansion for the platform, which reported a tenfold increase in trading volume during 2025. Novig said its annualised trading volume now exceeds $4 billion, underscoring growing demand for exchange-style sports trading alternatives to traditional sportsbooks.
“Our mission is to democratise and financialise sports markets, and we’re proud of the fact that Novig users are 10 times more likely to win than on traditional sportsbooks,” said Jacob Fortinsky, Co-Founder and CEO of Novig.
Separately, the company confirmed it has formally applied to the Commodity Futures Trading Commission to become a licensed Designated Contract Market. Approval would allow Novig to operate as a federally regulated exchange available across all 50 states. The company said the new capital will accelerate product development, market expansion, liquidity growth, and advanced trading tools.
Pantera Capital Managing Partner Paul Veradittakit said there is some key differences between Novig’s product and other products like Polymarket and Kalshi.
“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,”he said.
“Others are using prediction market technology to financialize new markets with unproven demand. We leverage it to fix broken markets where demand already exists.
“Novig is proving that prediction markets can fundamentally reshape sports betting by removing the exploitative middleman.”
Novig is built specifically for sports traders, offering a commission-free, peer-to-peer order-book exchange focused on sports markets, whereas Kalsh and othersi primarily lists federally regulated event contracts across economics, politics, and news-driven outcomes.
Polymarket, by contrast, operates as a crypto-native prediction market with a broad range of topics but without the same US regulatory framework or dedicated sports-trading design as what Novig hopes to produce.
“Their peer-to-peer exchange delivers what traditional sportsbooks can’t: better odds, fairer market structure, and alignment between platform success and user profitability. Novig Co-Founder and CTO Kelechi Ukah said.
“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.”
“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.”
Realistically Novig’s regulatory battle is only just starting, with similar applications taking up to two years to be processed, and with the murky nature of prediction markets this could take even longer.
