Novig is a New York-based, peer-to-peer, commission-free sports betting exchange that allows users to set their own odds instead of betting against a traditional house. This weekly recap reviews the company’s latest funding, operating milestones, and product and strategy signals.
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During the week, Novig disclosed that it has raised a $75 million Series B round, reinforcing investor confidence in its exchange-style model. The company also reported 50x growth in trading volume since launch, highlighting rapid early traction in a competitive online sports wagering and trading landscape.
Novig currently has about 55 employees in New York City and is actively hiring across engineering roles to support its scaling plans. The firm is seeking frontend talent for real-time, latency-sensitive interfaces and backend engineers focused on distributed systems and low-latency, event-driven architecture in Rust.
Management emphasized that its technology roadmap aims to support millions of traders and billions in trading volume, positioning the platform closer to a financial exchange than a conventional sportsbook. Features such as live markets, no house edge, and a policy of not banning winning users are designed to attract sophisticated and higher-volume bettors.
Co-founder and CEO Jacob Fortinsky also outlined the product’s origin in informal “no vig” group chats on platforms like Signal, Discord, and Telegram. These peer-to-peer environments, used by bettors who felt constrained or banned by traditional sportsbooks, helped shape Novig’s marketplace concept and target user segment.
This origin story underscores Novig’s strategy of disintermediating traditional operators and enabling peer-to-peer price discovery with potentially lower balance-sheet risk than principal-based books. If the company can execute within regulatory constraints, its exchange-like structure could help deepen liquidity and support higher engagement and transaction volumes.
The fresh capital, strong reported growth metrics, and focused hiring push give Novig additional resources to build robust, low-latency infrastructure and enhance platform reliability. Overall, the week marked a notable step in advancing Novig’s ambition to become an exchange-style venue in real-money sports trading, while execution and regulatory oversight remain key factors to watch.