Novig relaunches as sweepstakes operator across 43 US jurisdictions
Silicon Valley-backed operator to go live in 42 states and Washington DC with bet offerings on all major American sports leagues
Predictions market platfom Novig has launched its platform across most of the US under the sweepstakes regulatory framework.
Novig will be available in 42 states nationwide, plus Washington DC, for players aged 21 and over.
The company will offer moneyline, spread, total markets, and player props markets across various sports leagues including the NFL, NBA, WNBA, NCAAF, NCAAB, and MLB.
The platform has a free-to-play setting called Novig Coins, where players can play for fun and test out new trading strategies.
In contrast, the Novig Cash setting allows players to redeem real cash prizes when playing.
Currently only available on iOS devices, Novig plans in the coming months to add parlays, same game parlays, futures and a web-based trading interface.
Novig initially launched in Colorado back in January, before pulling out of the Centennial State completely by the end of April.
At the time, the company touted “huge, game-changing product updates” as its reason for the exit.
Novig co-founder and CEO Jacob Fortinsky said: “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.
“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.”
Novig raised $6.4m in seed funding by August 2023, thanks in part to backing from Lux Capital and NFL legend Joe Montana.
The company named former head of operations Dan Rosen as group chief operating officer (COO) in February 2024.
This was followed by the appointment of Catherine Dougherty as chief marketing officer in April.
New Jersey betting exchange Prophet recently pulled out of New Jersey and relaunched nationally under the sweepstakes model as ProphetX.
The booming sweepstakes sector was estimated by Eilers & Krejcik Gaming to be worth $5.6bn in 2023, up 66% from the previous year.
The boutique analyst firm forecasts sweepstakes gambling become a $11bn industry in 2025.