Forbes has covered our $6.4M raise. View the article here.
FORBES Joe Montana, VC Funds Participate In Sports Betting Exchange Novig’s $6.4 Million Seed Round
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Colorado is currently working on creating a new set of guidelines for exchange wagering, which will allow us to fully operate our exchange as we envision. In the interim, before those new rules are approved, Novig will operate as an Internet Sports Betting Operator. We’ll then transition to offering our full platform as soon as we get the green light from the regulators.
We plan to shift the fundamental business model of the industry away from charging users indiscriminately to only charging the greatest winners on the platform. Until the new Exchange Regulations are passed we will primarily generate revenue by operating as an Internal Market Maker, but when we launch our full exchange, we plan to implement with regulatory approval a fee structure for users whose lifetime profits exceed $10,000 and we will begin to productize and monetize our propriety research and trading models. This business model allows us to provide commission-free betting for the overwhelming majority of our users, while ensuring that our exchange is sufficiently liquid and sustainable.
The best way to stay informed about our upcoming launch is to sign up for our waitlist here.
Initially, Novig will support Moneyline, Spread, and Totals markets for MLB, NFL, NBA, NCAAF, and NCAAB matches, and Player Props for professional sports. We’re actively working to begin offering markets for NHL, soccer, tennis, golf, and other sports, as well as other types of bets in the sports we currently support. If there are certain markets you would like to see on Novig, please feel free to reach out at firstname.lastname@example.org.