Novig raises $75M Series B led by Pantera Capital

Update, October 17, 2026: Novig's CFTC application, pending when this story ran, was approved on June 16, 2026. The regulated exchange replaced the sweepstakes app on August 4, 2026, for users aged 21 and over. Novig said then that it had handled $6 billion in cumulative trading volume (RotoWire). Earlier versions of this story repeated a figure of $4 billion in annualised volume and more than 100,000 active traders. We could not find a source for either number and have removed them.

Novig, the peer-to-peer sports prediction market, has closed a $75 million Series B led by Pantera Capital. Multicoin Capital, Makers Fund and Edge Equity joined as new investors, alongside existing backers Forerunner, Perceptive Ventures and NFX. The round takes Novig's total funding past $105 million (VC News Daily, February 19, 2026).

The round values the New York company at $500 million, according to Fortune as cited by Odaily.

Where Novig stands

Novig runs a sports exchange that matches users against each other instead of against a bookmaker. It operates on the sweepstakes model, with two currencies: Novig Coins for play and Novig Cash, which can be redeemed for money. That model allows it to run in states without a sports-betting licence. Several states, New York, California and New Jersey among them, have moved to ban dual-currency sweepstakes products.

In January, Novig applied to the CFTC to run a designated contract market through a subsidiary, Ludlow Exchange LLC. Approval would let it take real-money trades under federal oversight, as Kalshi does. Our report on the filing has the details.

How Novig makes money

Odaily reports that Novig charges retail users no commission and earns its revenue from institutional participants. A CFTC-regulated exchange can also charge trading fees. Whether Novig would do so after approval was not disclosed.

The competition

The raise puts Novig up against two sets of rivals.

• Kalshi, a CFTC-designated exchange since 2020, has listed sports contracts since 2025 and is fighting several states over them. If Novig wins approval, the two would hold the same kind of licence. See our Kalshi review.
• Sportsbook brands. DraftKings Predictions and FanDuel Predicts both launched in December 2025, with sports contracts in states where their parents have no sportsbook. See our DraftKings Predictions and FanDuel Predicts reviews.

What was not disclosed

Novig did not say how much of the round would fund the move to a regulated exchange, when it expected the CFTC to decide, or how sweepstakes balances would carry over after approval.