Novig raises $75M to expand federally regulated sports exchange

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Novig raises $75M to expand federally regulated sports exchange. Promotional graphic from Novig announcing a $75 million Series B raise led by Pantera Capital. The image shows a glowing, stylized baseball player mid-swing on a dark background, with large text reading “Series B Raised $75 Million” and logos of participating investors including Multicoin Capital, Perceptive, Forerunner, Edge Equity, and Makers Fund.

Novig has pulled in $75 million in recent funding as it really works to develop its sports activities buying and selling platform and safe a clearer path to federal oversight.

The Sequence B spherical was led by Pantera Capital, with Multicoin Capital, Makers Fund and Edge Fairness becoming a member of in. Current traders Forerunner, Perceptive Ventures and NFX additionally participated. With this newest increase, the corporate’s whole funding now tops $105 million.

The corporate previously closed an $18 million Series A round, which helped it develop operations and refine its peer-to-peer sports activities market mannequin. The sooner backing set the stage for the bigger push it’s making now.

https://twitter.com/Novig/standing/2024123231695687910/

In contrast to conventional sportsbooks, Novig runs as a commission-free change the place customers commerce towards each other as an alternative of betting towards a home. The corporate says its order-book system permits odds to shift naturally based mostly on provide and demand, somewhat than being set by a bookmaker. Over the previous 12 months, that method seems to have gained traction. Buying and selling quantity jumped tenfold in 2025, and annualized quantity has climbed previous $4 billion.

Novig pushes for federal oversight because it features extra funding

On the identical time, Novig is attempting to redefine the way it suits into the broader regulatory panorama. The corporate has formally applied to the Commodity Futures Trading Commission for approval to function as a Designated Contract Market (DCM). If granted, that standing would permit Novig to operate as a federally regulated change and doubtlessly make its platform obtainable in all 50 states, much like Kalshi.

The applying might show necessary as a lot of the sports activities betting trade operates underneath state-by-state guidelines. In contrast, a CFTC-regulated change would fall underneath federal supervision, much like different derivatives markets.

Novig’s founders say their objective is to construct a fairer system for sports activities merchants. Conventional sportsbooks sometimes bake in a fee, generally often known as the “vig,” and will restrict or limit prospects who win persistently. Novig argues its construction removes hidden charges and doesn’t penalize worthwhile customers.

“Our mission is to democratize and financialize sports activities markets, and we’re pleased with the truth that Novig customers are 10 occasions extra more likely to win than on conventional sportsbooks,” stated Jacob Fortinsky, Novig’s co-founder and CEO, in a press release. “We selected to associate with one of the best crypto enterprise corporations on the earth to additional speed up our plans to make Novig probably the most environment friendly and liquid sports activities prediction market on the earth. Others are utilizing prediction market expertise to financialize new markets with unproven demand. We leverage it to repair damaged markets the place demand already exists.”

Pantera Capital’s managing associate, Paul Veradittakit, framed the funding as a guess on structural change. “Their peer-to-peer change delivers what conventional sportsbooks can’t: higher odds, fairer market construction, and alignment between platform success and person profitability,” he stated. “When 23% of customers are worthwhile in comparison with 2% on conventional platforms, it’s clear this can be a foundational change to the trade.”

Co-founder and CTO Kelechi Ukah stated the platform blends sports activities fandom with clear market mechanics. He stated the crew is constructing an change “by sports activities merchants, for sports activities merchants,” pointing to what he described as robust demand for a product designed particularly for that viewers.

The brand new funding will go towards increasing liquidity, including extra markets and rolling out superior buying and selling instruments.

Featured picture: Novig through press launch

The submit Novig raises $75M to expand federally regulated sports exchange appeared first on ReadWrite.

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