"As the prediction markets Kalshi and Polymarket dominate the attention of investors and regulators, a sports-focused challenger called Novig is announcing $75 million in fresh funding to compete with the twin giants. Led by the blockchain venture firm Pantera Capital, Novig's Series B round values the startup at $500 million. Once a highly restricted pastime, sports betting has in recent years seeped into every corner of the U.S. economy."
"Novig, though, is focusing less on the legal dimensions and taking up a different argument when it comes to sports betting: that the existing options rip off their users. "We started the company because we felt sports betting was broken," cofounder Jacob Fortinsky told Fortune. "Our mission from day one was to build a platform really built for modern sports bettors in the most consumer-friendly, the most engaging, and the most profitable way possible.""
Novig raised $75 million in a Series B led by Pantera Capital and reached a $500 million valuation. The startup focuses on sports-centered prediction betting and aims to provide a more consumer-friendly, engaging, and profitable experience for bettors. A 2018 Supreme Court decision allowed states to legalize gambling on major leagues, and a 2024 Kalshi court victory expanded allowable prediction market contracts. Kalshi and Polymarket command investor and regulator attention, with Kalshi’s volume mostly sports despite some state efforts to limit these markets. Novig launched in 2021, joined Y Combinator in 2022, registered in Colorado, and later moved to a sweepstakes model.
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