US-based sports exchange Novig has announced a $75m series B funding round, as it eyes a pivot to a CFTC-regulated model.
Novig, the American sports trading platform, secured the funding led by Pantera Capital, with participation from Multicoin Capital, Makers Fund, Edge Equity, and existing investors Forerunner, NFX and Perceptive Ventures.
It comes following Kalshi and Polymarket successfully launching their exchanges through the CFTC, a different path from the one Novig took, which initially looked for state sports betting licences before transitioning to a sweepstakes gaming model in 2024.
Novig has now opted to follow the two prediction giants and has submitted an application to the CFTC to operate as a regulated prediction market across all 50 states.
Co-founder and CEO Jacob Fortinsky said: “We believe we’re at the beginning of a much larger paradigm shift. Sports betting and financial markets are converging, and prediction markets are evolving into true trading platforms shaped by the same principles that power modern exchanges: transparency, efficiency, liquidity, and fairness.
“That’s exactly what the next generation of traders expect, and exactly what Novig was built to deliver from day one.”
The raise brings total the company’s total capital raised to over $105m since 2024, and comes as Novig highlights its annualised platform volume of $4bn, representing more than 10x growth in 2025. The company added it now has over 100,000 traders on its platform.
Fortinsky added: “We’re building the platform we always wished existed: one with the best odds, real competition for every trade, industry-first functionality that bridges the best aspects of traditional sports betting and modern finance exchanges, and an experience that feels as dynamic as the games themselves.”
Novig operates a peer-to-peer exchange model, and differs from the other major prediction markets in that it doesn’t charge commission.
Paul Veradittakit, managing partner at Pantera Capital, said: “Novig is proving that prediction markets can fundamentally reshape sports betting by removing the exploitative middleman.
“Their peer-to-peer exchange delivers what traditional sportsbooks can’t: better odds, fairer market structure, and alignment between platform success and user profitability. When 23% of users are profitable compared to 2% on traditional platforms, that’s not just incremental improvement. It’s a reimagining of the market.”