Novig Secures $75 Million Funding with Eye on Prediction Market Expansion

The company recorded a 10x jump in trading volume throughout 2025, pushing annualized volume beyond $4 billion.

Ziv Chen

Last Updated: February 19, 2026 1:20 PM EST • 3 minute read

PIctured: A skyscraper as we look at NoVig securing more funding to expand toward prediction markets. Photo by REUTERS/Carlo Allegri

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Sports trading group Novig has secured $75 million in Series B financing with Pantera Capital leading the investment, lifting the company's total funding to more than $105 million. Additional participants included Multicoin Capital, Makers Fund, Edge Equity, and prior backers Forerunner, Perceptive Ventures, and NFX.

The raise followed significant platform expansion and an eye toward expansion into the world of prediction market apps. The company recorded a 10x increase in trading volume throughout 2025, pushing annualized volume to more than $4 billion.

While sports dominate activity on most event-driven exchanges, many of those venues were not originally built for dedicated sports traders. Novig developed its marketplace specifically for that audience, using a peer-matching system in which participants trade against each other rather than bet against the house.

The company has since filed an application with the Commodity Futures Trading Commission (CFTC) seeking approval to operate as a Designated Contract Market. If authorized, Novig would function as a federally regulated exchange accessible across all 50 states.

"Our mission is to democratize and financialize sports markets, and we're proud of the fact that Novig users are 10 times more likely to win than on traditional sportsbooks," said Jacob Fortinsky, Co-Founder and CEO of Novig.

"We chose to partner with the best crypto venture firms in the world to further accelerate our plans to make Novig the most efficient and liquid sports prediction market in the world. Others are using prediction market technology to financialize new markets with unproven demand. We leverage it to fix broken markets where demand already exists."

MLB considers prediction market partnerships

As Novig and similar exchanges expand, the MLB is also evaluating how prediction markets fit within its integrity framework. Commissioner Rob Manfred told team owners during quarterly meetings that the league is considering partnerships with Polymarket and Kalshi, both federally regulated event markets that offer sports contracts.

The review comes as two Cleveland Guardians pitchers face federal charges in an alleged pitch-rigging scheme. MLB's existing agreements with sports gambling operators provide access to wagering data that helped identify irregular betting patterns involving closer Emmanuel Clase and starter Luis Ortiz.

Court filings alleged that Clase intentionally threw a ball on the first pitch of innings while associates placed wagers on that outcome. A filing from Ortiz's attorney alleged that Clase's involvement with bettors dated to 2023 and covered at least 48 games over two seasons.

"We thought it was important for the owners to be updated on why prediction markets are different than sports betting -- why we might want to consider being in be business with prediction markets in an effort to protect our integrity, to get the kind of protections we need," Manfred said. "The regulatory framework, very different. Obviously state by state on the sports betting side, federal on the other."

The NHL and UFC are currently the only major professional leagues with formal partnerships involving Polymarket and Kalshi.

Written by:
Ziv Chen

Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.