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Novig, the commission-free sports betting platform, has secured $6.4 million (£5.0 million/€5.9 million) in a pre-seed fundraising round led by well-known IT investors. Lux Capital led the round, including participation from renowned Silicon Valley venture investors such as Y Combinator, Paul Graham (creator of the Lisp computer language), Arash Ferdowsi (Dropbox co-founder), and retired NFL quarterback Joe Montana.
Jacob Fortinsky, CEO of Novig, expressed gratitude for the support of these tech investors, stating, “We are honored to have the backing of such prominent figures in the tech industry. Our vision is clear: to reshape the sports betting landscape that has long favored exploitation over innovation and to usher in an era of integrity, transparency, and empowerment. Together, we’re rewriting the rules and putting the power back in the hands of bettors.”
Novig’s successful funding comes ahead of its planned launch in Colorado, its first US state of operation, scheduled for this October. The company secured a 10-year partnership with Full House Resorts and its property Bronco Billy’s Casino for market access.
Following a beta test in Autumn 2022, involving 200 users and a two-week pre-launch trading tournament with 15,500 orders in 1,290 markets, Novig is set to introduce its platform with enhanced features.
Novig’s platform boasts the capability of providing instant confirmation for live bets. The exchange also highlights its matching engine’s superior speed, claiming it operates 100 times faster than industry leaders.
Fortinsky conveyed the team’s excitement for the upcoming launch, stating, “We’ve been overwhelmed by the positive reception of our product from Novig’s first users and are excited to bring our product to regulated markets beginning this fall in Colorado.”
Upon launch, players will be able to place both pre-game and in-game bets on popular sports leagues such as the NFL, NBA, and MLB. Novig intends to offer a variety of bet types, including Moneyline, Point Spread, Game Totals, and Team Futures bets, catering to a wide range of sports betting preferences.
Novig’s journey from successful funding to impending launch underscores the evolving landscape of sports betting, driven by innovative technology and the commitment to providing bettors with enhanced experiences and opportunities.