Novig Raises $75M Series B to Build a Trader-First Sports Prediction Market
SPORTS
New funding accelerates product development: more markets, deeper liquidity, and advanced trading tools purpose-built for sports traders.
Novig, America's fastest-growing sports trading platform, has closed a $75 million Series B funding round led by Pantera Capital, with participation from Multicoin Capital, Makers Fund, Edge Equity, and existing investors Forerunner, Perceptive Ventures, and NFX. The round brings Novig's total capital raised to over $105 million and follows a year of significant growth, the platform reported a 10x increase in trading volume during 2025, with annualized trading volume now exceeding $4 billion.
The funding arrives as Novig pursues federal regulation and nationwide expansion. The company has officially submitted its application to the Commodity Futures Trading Commission (CFTC) to become a licensed Designated Contract Market (DCM), a move that would allow the platform to operate in all 50 states under federal oversight.
A Different Model for Sports Trading
Unlike traditional sportsbooks that operate an against-the-house model, Novig operates a commission-free, peer-to-peer exchange where traders compete against one another rather than the platform. By eliminating the hidden "vig," unfair odds, and punitive limits on winning players, Novig has built what it calls the industry's most equitable sports prediction platform.
The distinction is clear in the numbers. Novig reports that 23% of its users are profitable, compared to just 2% on traditional sportsbook platforms. That gap is the result of structural differences in how the platforms operate. Sportsbooks make money by taking the other side of user bets and building margins into their odds. Novig, by contrast, makes money by facilitating trades between users and providing liquidity, aligning the platform's success with user profitability rather than user losses.
"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," said Jacob Fortinsky, Co-Founder and CEO of Novig. "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."
Why Crypto VCs Are Backing a Sports Platform
The involvement of crypto-focused venture firms like Pantera Capital and Multicoin Capital reflects Novig's use of prediction market infrastructure, a model rooted in blockchain and decentralized finance principles. While most prediction market volume today is on sports, those platforms weren't built with sports traders in mind. Novig is.
"Novig is proving that prediction markets can fundamentally reshape sports betting by removing the exploitative middleman," says Paul Veradittakit, Managing Partner at Pantera Capital. "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."
Kelechi Ukah, Co-Founder and CTO, emphasized the cultural and technical overlap between sports and financial markets. "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."
What's Next: Liquidity, Product, and Scale
The new capital will be used to deepen product innovation and onboard institutional liquidity. Novig plans to launch functionality that combines financial market innovation with live sports, including advanced trading tools designed specifically for sports traders. The company has already expanded its team to more than 50 personnel, including operators, engineers, and traders focused on developing the platform's prediction market infrastructure and transparency features.
The DCM application is a critical milestone in Novig's evolution. If approved, Novig would become one of the first federally regulated sports prediction markets in the U.S., offering a legal, transparent alternative to traditional sportsbooks in all 50 states. That regulatory status would also distinguish Novig from offshore or unregulated competitors, providing users with the protections and oversight that come with federal licensing.
For more information, visit Novig.com or follow Novig on X or LinkedIn.