TLDR Novig raised $75M in a Series B round led by Pantera Capital, valuing it at $500M The platform operates commission-free, peer-to-peer sports trading with $4B+ annualized volume Novig has applied to the CFTC to become a licensed Designated Contract Market, legal in all 50 states About 23% of Novig users are profitable, versus roughly 2% on traditional sportsbooks Rivals Kalshi and Polymarket are valued at $11B and $9B respectively; DraftKings and FanDuel stocks have fallen 50%+ in six months
Sports prediction market Novig has closed a $75 million Series B funding round, bringing its total raised to over $105 million and valuing the company at $500 million.
We are building the sports prediction market that Vegas fears.
The sports betting system is broken, and today we’re another step closer to fixing it.
We just closed a $75M Series B led by @PanteraCapital.
As we grow, we remain committed to our mission of building the most… pic.twitter.com/MLR4LGPZOF
— Novig (@Novig) February 18, 2026
The round was led by blockchain venture firm Pantera Capital. Other investors include Multicoin Capital, Makers Fund, Edge Equity, Forerunner, Perceptive Ventures, and NFX.
Novig was founded in 2021 by Jacob Fortinsky and Kelechi Ukah, who met playing poker at Harvard. Fortinsky was frustrated that winning sports bettors were routinely banned by traditional sportsbooks, similar to how casinos treat card counters.
The company runs a peer-to-peer order-book exchange where bettors trade against each other, not against the house. It does not charge retail users any commissions, taking fees only from institutional traders instead.
Novig reported a tenfold increase in trading volume in 2025. Its annualized trading volume now exceeds $4 billion, with current monthly volume around $300 million.
The platform currently operates under a sweepstakes model in 42 states, allowing users