Novig Raises $75M to Take On Kalshi and Polymarket in Sports
Sports prediction market Novig scores a $75M Series B at a $500M valuation, with Pantera Capital leading the round.
While Kalshi and Polymarket hog the prediction market spotlight, a sports-focused upstart is quietly stacking serious cash.
Novig just closed a $75 million Series B led by crypto-native VC firm Pantera Capital, putting the company at a $500 million valuation. The platform's big pitch: zero commissions for retail traders.
That's a direct shot at traditional sportsbooks and even fellow prediction markets that skim fees off every trade. By eliminating commission costs, Novig is betting it can pull in a massive retail user base willing to wager on sports outcomes through a prediction market structure rather than a conventional bookmaker.
The timing tracks. Prediction markets are having a moment with both investors and regulators paying close attention to the space. Novig is carving out a niche by going all-in on sports rather than chasing political or event-based markets.