February 21, 2024

Announcing Novig's New COO, Dan Rosen

Welcome to our latest blog post where we dive into a conversation with Novig's newly appointed COO, Dan Rosen.

Congratulations on your promotion, Dan! Could you tell us about your journey within Novig before becoming COO? What will your new role entail?

Dan Rosen: Thank you! I’m excited and ready for the challenge. Because we have such a lean team, Operations encompasses everything that doesn’t have a direct role attached to it - finance, customer support, product, accounting, etc. The biggest change in my responsibilities will be the increased focus on product work, which comes into greater focus as we find product-market fit and hone in on rapid iteration.

Tell us a little bit about your work history. 

Dan Rosen: I started my career as an investment banker at Morgan Stanley, focusing on tech and consumer companies. After two years, I got my MBA at the University of Chicago and then joined DoorDash, where I was the General Manager of New York. This was back when the company had 4% market share there. I experienced how fascinating multi-sided consumer marketplaces are and fell in love with igniting growth in a zero-to-one setting. After three years, DoorDash was a public company and number one in market share in New York.

The entrepreneurial bug bit me again, so I went to lead growth operations for a consumer marketplace in the PropTech space. Then, in December 2022, I found Jacob through YC and immediately shared his and Kelechi’s vision for the future of sports betting. It was an instant match, though it didn’t take much convincing to get me excited to work at the intersection of sports, technology, and finance every day.

What makes Novig different from a sportsbook? 

Dan Rosen: At Novig, we're creating a sports betting exchange, which is fundamentally different from traditional sportsbooks. Traditional sportsbooks often have hidden margins in products in the form of poor pricing. The root of the tension is that sportsbooks make money when users lose money. 

Our exchange model eliminates these adverse incentives, creating a fair marketplace aligned with our players' success. Novig makes money from our most profitable users, and from large institutions. We are directly incentivized to build a marketplace that enables our users to make money. 

That’s what really excites me about building our platform. It represents the future of the industry, and we get to pioneer that necessary disruption.

What does the future hold for Novig?

Dan Rosen: We’re in the earliest innings of exchange wagering, as users, operators, and legislators try to wrap their heads around the implications of this paradigm shift. It’s an important inflection point in an industry that is begging to be fixed. There’s a ton of work to do, but we have an immensely talented team executing on our vision to create a betting experience that not only facilitates better pricing and profitability, but is also intuitive and engaging for every user.

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Questions?
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What will be available when Novig launches in CO?

Exchange wagering is not currently approved. Until it is, 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.

How will Novig make money without charging fees on trades?

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 proprietary 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.

When will Novig be available?

The best way to stay informed about our upcoming launch is to sign up for our waitlist here.

What types of bets will be available on Novig?

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 hi@novig.co.