Novig Secures $2 Billion Valuation in Financing Round Seven Months After $500 Million Series B

Novig has closed a financing round that values the sports-only prediction market operator at $2 billion. The development follows the Commodity Futures Trading Commission’s grant of Designated Contract Market status in June, which enables the platform to function in nearly all 50 states.

Novig is currently live in 47 states, excluding Arizona, Michigan, and Nevada. The new valuation comes seven and a half months after the company raised $75 million in a Series B round at a $500 million valuation, quadrupling in less than eight months, according to reporting by Casino.org News.

Equity Stake Lifts Sydney Sweeney’s Position

Actress Sydney Sweeney received an equity stake in Novig rather than cash compensation for her role in the company’s ad campaign. The exact percentage remains undisclosed. Even at half a percent, the holding would now be worth $10 million based on the $2 billion valuation.

Sweeney’s net worth apart from any Novig equity is estimated between $40 million and $50 million.

Scale Relative to Sector Leaders

More than 250,000 traders have generated $6.5 billion in volume on the Novig platform. The company’s $2 billion valuation is modest next to the two largest prediction market operators, which hold a combined $60 billion valuation.

“Novig has not announced any IPO plans despite operating in the high-growth sports betting industry. The company continues to focus on expanding its peer-to-peer betting platform and growing its user base in legal sports betting markets,” according to IPOs.fyi. The current valuation still requires additional scale before an IPO appears realistic.

Reporting: Casino.org News

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