Novig Launches First Prediction Market For Sports Nationally

NEW YORK, Sept. 4, 2024 /PRNewswire/ -- Novig has launched the first prediction market for sports in 42 states and Washington D.C. under the sweepstakes regulatory framework.

Novig offers two modes: Novig Coins and Novig Cash. Novig Coins are used to play for fun and test new trading strategies, whereas Novig Cash can be played to redeem real cash prizes.

The full platform is available to users in 42 states: Alaska, Arizona, Arkansas, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming, as well as Washington D.C. Users must be 21 or older to sign up and play for real money rewards.

"Players are fed up with having to play on apps where the house always wins and the odds are stacked against them. On Novig, 43% of users are profitable — compared to an industry average of 3% — and we're the first app to offer a commission-free sports prediction market," stated Jacob Fortinsky, Co-Founder and CEO of Novig. "We were overwhelmed by how well we did in Colorado, and we're beyond excited to now be able to offer our revolutionary app to sports fans nationwide!" 

The company announced last year that they had completed a seed funding round of $6.4 million from prominent investors including Lux Capital, Y Combinator, Paul Graham, Joe Montana, CapitalX, Soma Capital, Palm Drive Capital, Archon Capital, TRAC, Rebel Fund, Maiora Ventures, True Culture Fund, and many others. 

Novig is available on iOS. The platform currently offers moneyline, spread, total markets, and player props in NFL, NBA, WNBA, NCAAF, NCAAB, and MLB. In the coming months, it plans to expand its offering to include parlays, SGPs, futures, more sports, and a web-based trading interface.

ABOUT NOVIG
Founded by Jacob Fortinsky and Kelechi Ukah, Novig is the first prediction market for sports to launch nationally. Novig is available in 42 states and DC on iOS with Android coming soon. Based in New York City, the team hails from top Silicon Valley and Wall Street firms. Novig is backed by leading investors including Y Combinator, Lux Capital, Soma Capital, Paul Graham, Joe Montana, Austen Allred, and the founders of Instacart and Dropbox. For more information, visit novig.us or follow on X or LinkedIn.

View original content to download multimedia:https://www.prnewswire.com/news-releases/novig-launches-first-prediction-market-for-sports-nationally-302238508.html

SOURCE Novig