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Novig, which runs a commission-free, peer-to-peer sports prediction market, raised $75 million in Series B funding, CEO Jacob Fortinsky tells Axios.

Why it matters: Sports betting is colliding with exchange-style prediction trading, and the regulatory lines are still being tested.

Zoom in: Pantera Capital led the round, with participation from Multicoin, Makers Fund, Edge Equity, and existing investors Forerunner and NFX.

The financing brings Novig's total capital raised to more than $105 million since it was founded in 2021.

How it works: Novig matches buyers and sellers in a peer-to-peer market rather than setting odds as the house.

The New York-based company does not charge commissions. Instead, it generates revenue by selling redeemable coins called "Novig Cash."

Novig also participates in a small share of trades and works with institutional market makers who provide liquidity to the exchange.

By the numbers: Trading volume increased 10x in 2025, with a $4 billion annualized run rate, according to the company.

State of play: Novig currently operates in 35 states under a sweepstakes model but is pushing for federal regulation.

The company recently submitted an application to the Commodity Futures Trading Commission as part of a plan to operate as a designated contract market.

If approved, it plans to keep retail trading free and charge institutional liquidity providers, instead of relying primarily on Novig Cash, Fortinsky says.

The big picture: Sports prediction markets are pushing into territory long dominated by state-licensed sportsbooks.

Platforms like Kalshi operate under CFTC oversight, and other prediction markets are moving into the same federal framework to offer event contracts tied to elections and sports.

Meanwhile, sportsbooks like FanDuel and DraftKings are testing prediction-market style products that borrow from exchange mechanics.

"The way people interact with sports betting is increasingly similar to the way they interact with trading on Robinhood," Fortinsky says.

Yes, but: The fight over whether sports outcome trading falls under federal commodities law or state gambling rules is still playing out.

State regulators in Connecticut have issued cease-and-desist orders against sports-style event contracts, arguing they amount to unlicensed sports wagering.

State officials in Massachusetts and Nevada have also moved to block sports-style event contracts through litigation and enforcement actions.

Between the lines: Pantera and Multicoin are mostly known as crypto investors, but Novig does not run its market on-chain.

The company works with Coinflow for stablecoin payments, however, and a growing share of Novig's deposits and payouts are made via crypto, Fortinsky says.

"There's convergence that's occurring with fintech, gaming and crypto," he adds.

Novig raises $75M for zero-commission sports prediction market

Sports betting is colliding with prediction trading.

Photo illustration of a hundred-dollar bill with Ben Franklin wearing a football helmet.

Photo illustration: Brendan Lynch/Axios. Photo: Cliff Welch/Icon Sportswire via Getty Images

Novig, which runs a commission-free, peer-to-peer sports prediction market, raised $75 million in Series B funding, CEO Jacob Fortinsky tells Axios.Why it matters: Sports betting is colliding with exchange-style prediction trading, and the regulatory lines are <a class="gtmContentClick" data-vars-link-text="still being tested" data-vars-click-url="https://www.axios.com/2025/12/11/coalition-for-prediction-markets-kalshi-crypto" data-vars-content-id="bff24f7d-e2a4-419c-81bb-69784da8c966" data-vars-headline="Novig raises $75M for zero-commission sports prediction market" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/12/11/coalition-for-prediction-markets-kalshi-crypto" target="_self">still being tested</a>.

Novig raises $75M for zero-commission sports prediction market

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