Novig Will Seek $2 Billion Valuation in Funding Round
The prediction market aims to close a new capital raise this winter to expand its market operations.
Updated on Sept. 30, 2026 in Gambling
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Novig, a federally regulated prediction market, is currently in talks to secure a $2 billion valuation. The firm expects to finalize this funding round during the winter of 2026.
Why it matters
Securing this valuation would represent a significant increase for the company, which was valued at $500 million earlier this year. The fundraising push follows its recent success in gaining federal regulatory approval as a designated contract market.
Novig has raised more than $105 million to date, including $75 million from a February 2026 round. The company was officially approved as a designated contract market by the CFTC in June 2026.
The players
Novig
This company is a prediction market platform that recently received federal approval to operate as a designated contract market.
Sydney Sweeney
She is a well-known actress who serves as an equity partner in the prediction market platform Novig.
Commodity Futures Trading Commission
Known as the CFTC, this federal agency regulates derivatives markets and granted Novig its status as a contract market in 2026.
New York Mets
This is a professional Major League Baseball team that maintains a multiyear business agreement with Novig.
Kalshi
This organization is a competitor in the prediction market space that is currently pursuing its own high-valuation fundraising round.
The details
Founded in 2021, the company has leveraged strategic partnerships, including an equity stake held by Sydney Sweeney and a multiyear agreement with the New York Mets. The business is now navigating a competitive environment where rivals like Kalshi are also seeking massive capital infusions.
Timeline
2021: Novig was founded.
August 2025: Novig closed an $18 million funding round.
February 2026: Novig raised $75 million at a $500 million valuation.
April 2026: Novig held a short-term deal with LIV Golf.
June 2026: The CFTC approved Novig as a designated contract market.
Culture Shift
The move toward high-stakes private funding reflects a broader trend of prediction markets pivoting from niche hobbies to regulated financial institutions. This evolution follows the Commodity Futures Trading Commission regulatory designation, which effectively legitimizes these platforms as formal contract markets.
The firm's growth and federal regulation may lead to increased visibility and more accessible betting products for the average user. As Novig expands, participants should anticipate changes to platform liquidity and potentially new feature rollouts enabled by this fresh capital.
The takeaway
The surge in valuations for prediction markets highlights the growing investor confidence in legally regulated betting platforms. Users should remain aware that these platforms operate under complex federal frameworks that continue to evolve as the industry scales.
What happens next
Novig expects to finalize and close its current funding round during the winter of 2026.
Further reading
Learn more about the evolving landscape of legal betting by visiting the Gambling section.
Source note: This article includes information reported by Front Office Sports.
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