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The founders of the sports prediction market company Novig have applied for approval to become a CFTC-regulated prediction market exchange through the entity Ludlow Exchange LLC.
The company has requested confidential treatment of its submitted exhibits and materials, with a number of them listed in a public document This includes exhibits/documents about ownership, board and governance, fitness standards, and more.
It was in September 2024 when Novig announced it had launched a prediction market for sports in 42 states and Washington D.C. under the sweepstakes regulatory framework. Just a year prior they had completed a seed funding round of $6.4 million.
With Novig jumping in, the CFTC-regulated prediction market space becomes even more crowded: https://t.co/EqttTDVRv0 pic.twitter.com/7He7qNzHCE
— Mick Bransfield (@MickBransfield) January 26, 2026
In August 2025, the company raised a major $18 million to scale its peer-to-peer sports prediction market, with the round led by Forerunner with participation from Y Combinator, NFX, Perceptive Ventures, and Gaingels.
Novig raised $18 million in summer of 2025 through funding round
At the time, several months ago, the company explained in a press release that Novig had experienced ‘explosive growth’ since its public launch in September 2024, with a 50x increase in monthly trading volume and surpassing 2 billion worth in annualized volume in Novig Cash.
In the same announcement, the CEO and co-founder, Jacob Fortinsky, explained more about the company: “What we’re building isn’t just sports predictions–it’s a true peer-to-peer market.
“We believe users deserve a system that rewards skill, reflects true supply and demand, and gives every fan a fair shot. We’ve quickly become the #1 sports prediction market in the US, and our organic growth speaks to the strength of our product and the passion of our community.
“The support from some of the world’s leading tech investors, who believe in our mission to democratize sports betting for good, is a powerful endorsement—not just of what we’ve built, but of the future we’re creating. This funding will allow us to scale our mission across more sports, more formats, and ultimately, to more users.”
Featured Image: Via Novig press releases
