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

- Novig has actually raised over $105 million because last September.

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

- Novig has used for CFTC approval to release a forecast market platform.

Novig, established 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 company.

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 endeavor companies worldwide to more accelerate our plans to make Novig the most effective and liquid sports forecast market on the planet," stated Fortinsky, who's also Novig's CEO. "Others are utilizing forecast market innovation to financialize brand-new markets with unverified demand. We utilize it to repair damaged markets where need already exists."

Moving on up

Novig is presently seeking Designated Contract Market approval from the Commodity Futures Trading Commission (CFTC), which federally manages prediction markets. The business plans to use the new capital to spearhead product development to use monetary markets and take sports to a different level with prediction markets.

Novig has grown quickly over the last number of years, which has greatly assisted draw in investors. The platform's trading volume grew by 10 times in 2025, and the business reported an annualized volume of $4 billion. Available in more than 35 states, Novig when ran in more before legislator in multiple jurisdictions prohibited sweepstakes casino gaming. Gaining CFTC approval and relocating to a forecast market model would put Novig in all 50 states, disallowing the outcome of court battles in Nevada and Massachusetts.

"Novig integrates the cultural heartbeat of sports with the transparency and efficiency of forecast markets," Ukah, Novig's CTO, stated. "Most forecast market volume today is on sports, yet those platforms weren't constructed with sports or sports gamblers in mind. We are providing a better exchange that is developed by sports traders, for sports traders."

Built for forecast success?

Novig has been using a sweepstakes model, however its sports betting platform, which uses spreads, moneylines, overalls, and props, runs as a trading exchange in between users, who don't pay a . Novig has actually currently built a name for itself in the industry and has a trading team on personnel. The business would have the ability to quickly shift into a prediction market prepared to contend with Kalshi, Polymarket, DraftKings Predictions, and FanDuel Predicts.

"Novig is showing that prediction markets can basically reshape sports betting by eliminating the exploitative intermediary," said Paul Veradittakit, handling partner at Pantera Capital. "Their peer-to-peer exchange delivers what traditional sportsbooks can't: much better chances, fairer market structure, and positioning in between platform success and user profitability.