Novig Negotiates Funding Round at $2 Billion Valuation After CFTC Approval and Sports Partnerships

Novig is in talks with investors for a new funding round expected to value the sports-focused prediction-market platform at up to $2 billion. According to reporting by Front Office Sports, the company could close the round this winter, possibly before year-end, with received interest already at that $2 billion level. Novig confirmed it is fundraising.

If completed at the targeted valuation, the round would mark a 300% increase from the company’s $500 million valuation in February, when it raised $75 million. Including an earlier $18 million round closed in August 2025, Novig has now raised more than $105 million total. Existing backers include Pantera Capital, Forerunner Ventures, and former NFL quarterback Joe Montana.

Surge in Interest After Regulatory Clearance

Investor attention intensified after the CFTC approved Novig as a designated contract market in June. The designation allowed the company, founded in 2021, to operate as a federally regulated prediction market nationwide. Additional visibility came from a commercial featuring actress Sydney Sweeney, now an equity partner in the firm. The ad generated backlash over its risqué content.

Novig has also secured an exclusive multiyear agreement with the Mets, the first team-level deal for any prediction-market platform, along with a short-term deal with LIV Golf during the Masters Tournament in April.

Competitive Positioning Against Larger Rivals

Cofounder Jacob Fortinsky has highlighted Novig’s sports emphasis as a point of differentiation. He described the company’s “north star” as being “the most hyperefficient, hyperliquid sports trading venue globally and to offer the most consumer friendly, high-integrity, and efficient experience for the everyday sports consumer.” Fortinsky added that Novig holds a “significant second-mover advantage” and expressed optimism that “a year from now we will very much be one of the first companies people think of when they hear about prediction markets.”

The projected $2 billion valuation remains well below those of its primary competitors. Kalshi is in advanced talks to raise $1 billion at a roughly $40 billion valuation. Polymarket is finalizing its own $1 billion round, which would value it at about $21 billion.

Where Execution Risks Concentrate

The capital infusion would strengthen Novig’s position, yet its valuation gap with Kalshi and Polymarket underscores the execution required to convert regulatory clearance and sports partnerships into material market share. Prediction-market operators and investors will need to track whether a sports-centric approach delivers the liquidity and user growth necessary to sustain momentum in an increasingly crowded regulatory environment.

Reporting: Front Office Sports – sports betting

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