Novig is officially moving sports betting into the realm of high-frequency finance. Today, we are thrilled to announce a $75 million Series B round led by Pantera Capital, with participation from Multicoin Capital, Makers Fund, Edge Equity, and our existing partners at Forerunner, Perceptive Ventures, and NFX.
This brings our total capital raised to over $105 million as we transition from a high-growth startup to a federally regulated financial exchange.
The Growth by the Numbers
2025 was a breakout year for Novig. As the demand for transparent, peer-to-peer alternatives to traditional sportsbooks skyrocketed, so did our internal metrics:
10x: Increase in trading volume over the last 12 months.
$4B+: Current annualized trading volume.
23% vs 2%: The percentage of profitable traders on Novig compared to traditional “house-led” sportsbooks.
50+: Our expanded headcount of engineers, traders, and operators.
Why It Matters: Fixing a Broken Market
While the “prediction market” buzz is currently centered on unproven niche topics, Novig is applying that same technology to the largest existing market: Sports. Traditional sportsbooks operate on a “house vs. user” model defined by high vigorish (the “vig”), unfair odds, and the banning of winning players. Novig operates a commission-free, peer-to-peer exchange where users trade against each other—not a house that wants them to lose.
“Others are using prediction market technology to financialize new markets with unproven demand. We leverage it to fix broken markets where demand already exists.” — Jacob Fortinsky, Co-Founder & CEO
The Road to All 50 States
We have officially submitted our application to the Commodity Futures Trading Commission (CFTC) to become a licensed Designated Contract Market (DCM). This is a pivotal step in our mission to become a federally regulated exchange available to every sports trader in the U.S.
What’s Next?
The Series B capital will be deployed across three core pillars:
Institutional Liquidity: Onboarding market makers to ensure deep, efficient books.
Product Innovation: Launching first-of-their-kind features that bridge the gap between live sports and financial market tools.
Regulatory Expansion: Securing the licenses necessary to bring a fair playing field to all 50 states.
