Sports Prediction Market Novig Completes $75 Million Series B Funding Round Led by Pantera Capital

Odaily News: Sports prediction market Novig announced the completion of a $75 million Series B funding round, led by Pantera Capital. This funding round has pushed Novig's valuation to $500 million.

Novig stated that it is a prediction market platform focused on the sports sector. Founded by Jacob Fortinsky and Kelechi Ukah, the company aims to challenge the traditional sports betting market through a peer-to-peer (P2P) trading model. The platform currently operates using a sweepstakes model and is applying for regulatory approval from the U.S. Commodity Futures Trading Commission. Novig does not charge commissions to retail users, generating revenue by charging institutional participants. The funds from this round will be used to expand its business scale in the sports prediction market. (Fortune Magazine)