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About Novig
Novig is a sports-focused prediction market platform where users can trade game lines and futures across NFL, MLB, NBA, NHL and other sports in real time, set their own odds, or pick the best available quotes. It uses a peer-to-peer exchange model rather than the traditional sportsbook "house vs. bettor" model, claiming no built-in margins, no limiting winning customers, and real-time order book liquidity. In June 2026, the company received a CFTC designated contract market (DCM) license, and on August 6 it launched federally regulated sports event contracts in 47 states, requiring users to be 21+ and pass geolocation verification. Over the past six months, Novig transitioned from a sweepstakes sportsbook to a federally regulated exchange and announced a partnership with the New York Mets as its official prediction market partner. On the regulatory front, its subsidiary Ludlow Exchange sued Wisconsin's attorney general on August 15, arguing that sports event contracts are exclusively under CFTC jurisdiction; Arizona, Michigan, and Nevada remain blocked. The platform says cumulative trading volume exceeds $6 billion, but negative risks center on state-level regulatory pushback and legal disputes over sports event contracts.
Novig, a sports prediction market, has evolved from a sports betting app into a CFTC-regulated designated contract market. Key milestones include its launch in 2021, a pivot to a commission-free peer-to-peer exchange model, and a $75 million Series B round led by Pantera Capital in 2026, valuing the company at $500 million. The platform achieved over 10x trading volume growth in 2025, reaching $4 billion in annualized volume, and surpassed 100,000 traders. Novig's CFTC designation marks a significant regulatory step, positioning it to compete with platforms like Kalshi and Polymarket.
Key progress (Mar 2–Sep 2, 2026): In June 2026, Novig received CFTC designation as a Designated Contract Market (DCM), becoming the first federally regulated sports prediction market and enabling nationwide operations across all 50 states (). On Aug 4, it launched nationwide with instant live trading, deeper liquidity, and expanded payment options, surpassing $6 billion in cumulative volume (). On Aug 13, it codified an industry-leading responsible trading framework into its exchange rulebook, covering 21+ age verification, deposit/loss/exposure limits, cooling-off periods, self-exclusion, and risk-based monitoring (). In February, it raised a $75M Series B led by Pantera Capital at a reported $500M valuation ().
Future focus: Accelerate nationwide adoption under the DCM framework, deepen liquidity and market quality, continue evolving its responsible trading and compliance standards, and push the sports betting industry toward a transparent, exchange-based, peer-to-peer model that replaces the traditional house-bookie structure.
Co-founder & CEO Jacob Fortinsky: Harvard BA in Social Studies; former investment banking intern at Bank of America Merrill Lynch and special assistant to Rep. Jamie Raskin. After being banned from sportsbooks for profitable betting, he founded Novig as a sports prediction exchange.
Co-founder & CTO Kelechi Ukah: Harvard BS in Physics and Math; former quantitative trader at Jane Street and Herchel Smith Fellow at CERN.
COO Dan Rosen: no detailed public bio available.
VP of Growth Nikhil Panu: no detailed public bio available.