A growing sweepstakes sports trading platform received a $75 million funding round in preparation of going into the prediction market industry.

- Novig has raised over $105 million given that last September.

- The sports trading platform will use the financing to continue innovating its product.

- Novig has looked for CFTC approval to introduce a forecast market platform.

Novig, founded in 2021 by Jacob Fortinsky and Kelechi Ukah, announced the Series B round on Wednesday, led by Pantera Capital. Multicoin Capital, Makers Fund, and Edge Equity also purchased the peer-to-peer trading business.

Combined with an $18 million financing round from September 2025 from financiers Forerunner, Perceptive Ventures, and NFX, Novig raised more than $105 million in capital in less than a year.

"We selected to partner with the finest crypto venture firms on the planet to further accelerate our plans to make Novig the most effective and liquid sports prediction market worldwide," said Fortinsky, who's likewise Novig's CEO. "Others are using forecast market technology to financialize brand-new markets with unverified demand. We utilize it to repair broken markets where demand currently exists."

Moving on up

Novig is currently looking for Designated Contract Market approval from the Commodity Futures Trading Commission (CFTC), which federally manages forecast markets. The company plans to utilize the new capital to spearhead item development to use monetary markets and take sports to a different level with forecast markets.

Novig has actually grown quickly over the last couple of years, which has greatly assisted bring in financiers. The platform's trading volume grew by 10 times in 2025, and the company reported an annualized volume of $4 billion. Available in more than 35 states, Novig when operated in more before legislator in numerous jurisdictions prohibited sweepstakes gambling establishment gaming. Gaining CFTC approval and moving to a design would put Novig in all 50 states, barring the outcome of court battles in Nevada and Massachusetts.

"Novig integrates the cultural heart beat of sports with the transparency and efficiency of prediction markets," Ukah, Novig's CTO, said. "Most prediction market volume today is on sports, yet those platforms weren't built with sports or sports wagerers in mind. We are delivering a better exchange that is constructed by sports traders, for sports traders."

Built for prediction success?

Novig has actually been using a sweepstakes design, however its sports betting platform, which provides spreads, moneylines, totals, and props, operates as a trading exchange in between users, who don't pay a commission cost. Novig has actually already developed a name for itself in the industry and has a trading group on personnel. The company would be able to rapidly shift into a forecast market prepared to take on Kalshi, Polymarket, DraftKings Predictions, and FanDuel Predicts.

"Novig is showing that forecast markets can essentially reshape sports wagering by getting rid of the exploitative intermediary," said Paul Veradittakit, handling partner at Pantera Capital. "Their peer-to-peer exchange delivers what standard sportsbooks can't: better chances, fairer market structure, and alignment between platform success and user profitability.