Novig announced that it has received designation from the U.S. Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM), positioning the company to operate as a federally regulated prediction market and expand nationwide under a single regulatory framework.

With CFTC designation, Novig will be able to operate across all 50 states and implement robust safeguards more commonly associated with financial markets, including enhanced market surveillance, protections against manipulation and insider activity, and comprehensive compliance standards designed to protect participants. The platform also maintains a 21+ age requirement and is built with a focus on responsible participation at scale.

The approval represents one of the fastest designations of its kind in CFTC history and reflects growing momentum behind exchange-based models that prioritize fairness, transparency, and integrity.

Built to challenge outdated and exploitative systems, Novig is singularly focused on creating the best platform to trade sports. By removing unfair odds and punitive limits on winning traders, Novig creates a more transparent and efficient marketplace where pricing is driven by real-time supply and demand. Through its exchange-based model, customers trade directly with one another in a liquid, market-driven environment designed to reward edge.

“Novig is the best place to trade sports. From day one, our vision has been to operate within a single national framework that raises the standard for the entire category. Novig is the first sports prediction market built by sports traders for sports traders, and the momentum we’ve seen to date reinforces that there is real demand for a more efficient, and ultimately more profitable way for sports fans to participate in sports markets. Federal oversight allows us to scale within a framework built on trust, transparency, and fairness. By aligning incentives with users and removing the structural disadvantages of legacy betting platforms, we’re building a fundamentally different model where participants aren’t playing against the house, but operating within a fair and transparent market,” said Jacob Fortinsky, co-founder and CEO of Novig.

The company has already demonstrated significant traction, surpassing $5 billion in cumulative volume as more users adopt a platform that emphasizes efficiency and transparency. By combining a sports-native experience with the mechanics of modern financial exchanges, Novig is positioning itself as the most liquid and efficient sports prediction market in the country. Operating under CFTC oversight will dramatically increase its addressable market while introducing a more consistent and scalable approach to regulation.

Novig, the fastest growing sports trading platform in America, announced the close of a $75 million Series B round led by Pantera Capital, with participation from Multicoin Capital, Makers Fund, Edge Equity, and existing investors Forerunner, Perceptive Ventures, and NFX. The round brings Novig’s total capital raised to more than $105 million.

The funding follows a period of growth for the platform, which reported a 10x increase in trading volume during 2025. Novig’s annualized trading volume currently exceeds $4 billion.

Although sports account for the majority of activity on most prediction market platforms, those products are not built with sports traders in mind. Novig, by contrast, is built for sports fans, delivering a fair, transparent, and commission-free trading experience.

Since launch, the platform has rapidly emerged as the leading sports trading platform in the US, proving strong demand for a trader-first alternative to traditional sportsbooks. Novig has officially submitted its application to the Commodity Futures Trading Commission (CFTC) to become a licensed Designated Contract Market (DCM), a critical milestone in its transition toward becoming a federally regulated exchange available in all 50 states.

Unlike sportsbooks that operate an against-the-house model, Novig operates a commission-free, peer-to-peer exchange where traders compete against one another on a level playing field. By eliminating the hidden “vig,” unfair odds, and punitive limits on winning players, Novig has built the industry’s most equitable sports prediction platform.

“Our mission is to democratize and financialize sports markets, and we’re proud of the fact that Novig users are 10 times more likely to win than on traditional sportsbooks,” said Jacob Fortinsky, Co-Founder and CEO of Novig.

“We chose to partner with the best crypto venture firms in the world to further accelerate our plans to make Novig the most efficient and liquid sports prediction market in the world. Others are using prediction market technology to financialize new markets with unproven demand. We leverage it to fix broken markets where demand already exists.”

“Novig is proving that prediction markets can fundamentally reshape sports betting by removing the exploitative middleman,” said Paul Veradittakit, Managing Partner at Pantera Capital.

“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, it’s clear this is a foundational change to the industry. We’re excited to lead this round and support Jacob, Kelechi, and the team as they build a sports prediction market that actually puts bettors first.”

“Novig combines the cultural heartbeat of sports with the transparency and efficiency of prediction markets. Most prediction market volume today is on sports, yet those platforms weren’t built with sports or sports bettors in mind. We are delivering a better exchange that is built by sports traders, for sports traders,” said Co-Founder and CTO Kelechi Ukah.

The new capital accelerates Novig’s next phase of growth, including onboarding more institutional liquidity. Novig will utilize the investment to deepen product innovation and growth loops, launching first-of-its-kind functionality that combines the best innovation of financial markets with the excitement of live sports.

To support its next phase of growth, Novig has expanded its team to more than 50 personnel, including operators, engineers, and traders focused on developing the platform’s prediction market infrastructure and transparency features.

Novig, the leading peer-to-peer sports prediction market in the US, announced the successful close of an $18 million Series A funding round. The round was led by Forerunner, with participation from existing investors Y Combinator, NFX, Perceptive Ventures, and Gaingels.

Founded by Jacob Fortinsky and Kelechi Ukah, Novig is reimagining sports predictions as a transparent and fair marketplace. Unlike traditional sportsbooks, Novig allows users to trade directly with one another, rather than against the house, eliminating hidden fees, biased odds, and the risk of being penalized for winning.

Novig has experienced explosive growth since its public launch in September 2024, achieving a 50x increase in monthly trading volume and surpassing 2 billion worth in annualized volume in Novig Cash.

“What we’re building isn’t just sports predictions–it’s a true peer-to-peer market. We believe users deserve a system that rewards skill, reflects true supply and demand, and gives every fan a fair shot. We’ve quickly become the #1 sports prediction market in the US, and our organic growth speaks to the strength of our product and the passion of our community. The support from some of the world’s leading tech investors, who believe in our mission to democratize sports betting for good, is a powerful endorsement—not just of what we’ve built, but of the future we’re creating. This funding will allow us to scale our mission across more sports, more formats, and ultimately, to more users,” said Jacob Fortinsky, CEO and co-founder of Novig.

More than 90% of trades on Novig are now fully peer-to-peer, a signal of strong product-market fit. Novig users are three times more likely to remain active on the platform compared to traditional betting platforms. Every new Novig user receives a starting balance of Novig Coins and Novig Cash, enabling them to experience the thrill of trading with no upfront deposit or risk.

With the new capital, Novig plans to expand coverage to additional sports and deepen its presence in existing markets. The company will also launch new features, including leaderboards, group contests, and head-to-head trading. Additionally, Novig aims to support fiat on-ramps such as debit and credit card payments, launch a full-featured web app, and scale hiring across its engineering, product, and growth teams.

“Novig sits at the center of several key secular trends in gaming and entertainment, namely that consumers increasingly are spending their time, energy, and attention with financial products. The Novig team brings the most sophisticated and nuanced perspective to sports prediction markets. They not only deeply understand their target customer, but are building a system that is more fair, community-oriented, rewarding, and well, fun,” said Fawzi Itani, Principal at Forerunner.