Sports prediction market Novig raises $75M in Series B

Sports-focused prediction market platform Novig has raised $75 million in a Series B funding round led by Pantera Capital, Fortune Crypto reported. The round values the company at $500 million. Unlike existing prediction markets such as Kalshi and Polymarket, which focus on political and economic events, Novig is concentrating on the sports market. The platform operates on a revenue model that charges fees to institutions instead of general users and aims to receive formal operating approval from the U.S. Commodity Futures Trading Commission (CFTC) within approximately six months.