Sports-focused prediction market Novig has raised $75 million in a Series B funding round led by blockchain venture firm Pantera Capital, valuing the company at about $500 million, as it looks to expand nationwide under federal regulation.
The funding brings Novig’s total capital raised to more than $105 million, the company said on Wednesday. Other investors in the round included Multicoin Capital, Makers Fund, Edge Equity, and existing investors Forerunner, Perceptive Ventures and NFX.
Novig, which operates a commission-free, peer-to-peer sports trading platform, reported a tenfold increase in trading volume in 2025, with annualized volume now exceeding $4 billion.
Unlike traditional sportsbooks that pit customers against the house, Novig runs an order-book exchange where traders compete with one another, allowing market forces to set odds. The platform does not charge commissions to retail traders, instead collecting fees from institutional participants.
“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.
The company has submitted an application to the Commodity Futures Trading Commission (CFTC) to become a licensed Designated Contract Market, a move that would allow it to operate in all 50 U.S. states under federal oversight.
Prediction markets have drawn increased attention from regulators and investors following court decisions that broadened the scope of event-based contracts in the United States. Much of the sector’s recent growth has been driven by sports-related trading.
Novig is positioning itself as a sports-first alternative to larger rivals Kalshi and Polymarket, arguing that those platforms were not originally designed for sports traders and can be costly for frequent users.
“Novig is proving that prediction markets can fundamentally reshape sports betting by removing the exploitative middleman,” said 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.”
About 23% of Novig users are profitable, compared with roughly 2% on traditional sportsbooks, Veradittakit said, calling the model “a foundational change to the industry.”
Founded in 2021 by Fortinsky and Kelechi Ukah, Novig plans to use the new capital to expand product development, deepen liquidity, and roll out advanced trading tools. The company has grown its workforce to more than 50 employees.
“Novig combines the cultural heartbeat of sports with the transparency and efficiency of prediction markets,” said Ukah, the company’s co-founder and chief technology officer. “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.”
