Novig has been reported to be raising funding at a $2 billion valuation, but completion of that financing remained unconfirmed in November 2026. Its prior financing valued the company at a reported $500 million.

In February 2026, Novig announced a $75 million Series B led by Pantera Capital, with participation from Multicoin Capital, Makers Fund, Edge Equity, Forerunner, Perceptive Ventures, and NFX. The company said that round brought cumulative funding to more than $105 million.

Jacob Fortinsky and Kelechi Ukah founded Novig in 2021. The New York company began with a sports trading product and later operated a sweepstakes model before moving to a federally regulated event-contract exchange.

Novig is a sports prediction market where users buy and sell contracts with each other through an app or website. It offers markets on game winners, spreads, totals, individual player outcomes, season results, and combinations of outcomes. Prices come from traders’ orders rather than a bookmaker setting the only available odds.

A user deposits money, selects a market, and either accepts an available price or posts an order at a preferred price. The order book shows buying and selling interest; an order fills only when a counterparty is available at an acceptable price. A trader can sell an eligible position before the event finishes instead of waiting for settlement.

In a hypothetical example, a contract purchased for 60 cents pays $1 if the specified outcome occurs and zero if it does not. The final result follows the contract’s settlement rules. That payout differs from both the amount paid to enter the position and Novig’s trading fees.

Novig operates through Ludlow Exchange, which received its CFTC contract-market designation in June 2026. Its current product uses a real-money balance; the former Novig Coins and Novig Cash sweepstakes currencies have been retired. Account access and available contracts remain subject to eligibility and applicable restrictions.

Its API lets software retrieve markets, submit orders, and track positions and fills. This supports traders who want to automate execution and manage many orders without entering each one in the consumer interface.

Novig’s exchange charges transaction fees on selected trades. Current terms distinguish makers, whose orders rest on the book, from takers, whose orders match existing orders immediately. Maker orders and pregame straight trades are fee-free, while taker fees apply to live trades, most futures markets, and combination contracts under different schedules.

Fees vary with contract price, quantity, and market type rather than applying as a flat percentage of every dollar traded. The customer pays a fee when a qualifying trade executes; merely placing or canceling an unfilled order does not generate trading revenue. Eligible liquidity providers can receive maker credits, which are a cost of attracting available orders.

Novig needs enough buyers and sellers for orders to fill, while keeping the cost of attracting them below the revenue they generate. More resting orders can improve the prices and available size other users see, which can attract additional traders. But free pregame volume and fee-bearing live volume have different revenue implications, so exchange activity alone does not establish retained revenue or profitability.

Costs include the trading platform, market data, payments, surveillance and compliance, customer support, and user acquisition. Sports concentration gives Novig a clear audience and product design, while leaving activity exposed to the sports calendar. The gross-revenue figure does not establish the amount retained after deductions or these operating costs.

Novig competes directly with Kalshi, Polymarket, and other sports-focused exchanges, as well as with traditional sportsbooks such as DraftKings and FanDuel. Its sports focus, order-book trading, and fee-free pregame straight markets differentiate the product, but traders also need competitive prices and enough available liquidity to execute.

Kalshi and Polymarket offer sports alongside broader event categories. A trader interested in sports, politics, and economic events can use one of those platforms across several interests, while Novig concentrates its interface and market selection on sports.

A broader audience gives rivals additional ways to attract traders and bring attention to new markets. Novig must turn specialization into a better sports trading experience rather than assuming that a sports-only catalog will be enough to win or retain users.

ProphetX also offers peer-to-peer sports prediction markets, giving traders a similar alternative to bookmaker-set odds. Competition between venues depends on the actual price and available size for a particular contract, as well as execution, fees, and settlement rules.

Novig’s documented trading API and liquidity incentives help serve active traders, but those customers can compare venues and move orders quickly. The exchange needs depth across the markets its customers use, not simply a high number of listed events.

DraftKings and FanDuel compete for the same consumer attention and sports spending through sportsbook products. They offer familiar betting interfaces and established customer relationships, while Novig asks users to trade against other participants in a market.

Novig’s ability to post prices and exit eligible positions before settlement can appeal to active traders. Reaching a broader sports audience also requires making orders, changing prices, and fees understandable to people accustomed to accepting a bookmaker’s odds.

Novig’s current product targets individual sports traders, but its exchange infrastructure and API can reach additional customer groups. The clearest opportunities are professional trading participants and distribution through other applications; these require deeper liquidity and integrations, rather than merely listing more games.

Trading firms and sophisticated individual traders need programmatic market data, execution, and position management. Novig’s API provides an entry point into that market, allowing participants to run software that places and manages orders across many sporting events.

These users can contribute resting liquidity and transact repeatedly, potentially making the exchange more useful for retail customers. Revenue depends on which fee-bearing trades they execute and how much Novig pays to attract liquidity; maker activity that improves the product is not automatically a direct fee stream.

Brokerages, sports media businesses, and financial applications could use exchange connectivity to add sports event contracts to products that already have customers. This would introduce a different distribution buyer from the individual opening a Novig account, with integration and reliability becoming part of the sales proposition.

Novig’s documented market-data and order interfaces provide a technical starting point. Turning that into a partner channel would require suitable agreements, account and compliance integration, and a commercial split that leaves Novig enough revenue after distribution costs. The value would come from reaching users through another company’s distribution while continuing to earn fees from qualifying trades.

Regulatory access: A CFTC exchange designation does not guarantee that every proposed contract or distribution channel will remain available. Restrictions on sports event contracts, state-level disputes, or changes to eligibility could reduce accessible markets or require additional compliance spending.

Liquidity and acquisition costs: Traders can compare prices across venues, and an exchange with thin order books may struggle to retain them. Fee-free trading, maker incentives, and marketing can increase activity without proportionate retained revenue, making the cost of creating durable liquidity central to the business.

Execution and settlement: Live sports prices change rapidly and users depend on reliable market data, order handling, and consistent outcome rules. Outages, stale prices, or disputed settlement can damage trust and cause active traders to move, even when the exchange’s underlying market design is attractive.