Novig

Novig is a US sports prediction and peer-to-peer trading platform that started life as a commission-free social sportsbook and, as of early 2026, is transitioning into a CFTC-regulated exchange. The company is backed by Pantera Capital, Lux Capital, and Susquehanna, and closed a $75 million Series B in March 2026 earmarked specifically for its CFTC Designated Contract Market application. The regulatory story is the single most important thing about this platform right now, and it is moving fast.

Overview

Novig was founded in 2021 by Jacob Fortinsky and Kelechi Ukah. The pitch from day one was peer-to-peer sports trading without a house — users post and take the other side of each other's wagers, and Novig takes zero vig (hence the name "no vig"). Until 2025 it operated under a dual-currency sweepstakes model (play coins plus a redeemable promotional currency), which let it launch in 42 states without state-by-state sports betting licenses. That model has come under sustained legal pressure.

Market Coverage

NFL, NBA, MLB, NHL, NCAAF, NCAAB, UFC, soccer, tennis, golf. Moneyline, spread, totals, player props, and parlays are all supported. Because pricing is peer-to-peer, lines reflect actual user supply and demand rather than a book-set number, which sometimes produces better prices and sometimes produces thin liquidity on niche markets.

Pricing & Fees

Zero house vig on matched trades — this is the core product promise. Novig's monetization historically came from the float on sweepstakes coins and from voluntary tipping. Under the CFTC model the fee structure will shift to explicit per-contract transaction fees, similar to Kalshi's 1-to-2 cent per-contract take.

Banking

Under the current sweepstakes model: Visa, Mastercard, and ACH deposits, with prize redemptions via bank transfer subject to KYC. Under the pending CFTC DCM model, expect full brokerage-style KYC, ACH-only banking, and no crypto.

Ongoing Promos / Liquidity Programs

Novig has run ongoing promo-code bonuses (the "HANDLE" code for a $50 bonus as of April 2026), referral rewards, and periodic liquidity rebates for active makers. Expect these to evolve substantially as the platform migrates to its regulated structure — CFTC rules restrict the kinds of promotional offers derivatives exchanges can run.

Regulatory Reality

This is complicated. Novig currently operates as a sweepstakes-model peer-to-peer platform under state sweepstakes law, which is how it reaches most US states without individual sports-betting licenses. It is not yet CFTC-regulated. Through 2024 and 2025, anti-sweepstakes legislation forced Novig out of multiple lucrative states — New York, New Jersey (August 2025), California, Michigan, Nevada, and several others. As of April 2026 it is unavailable in Alabama, Colorado, Idaho, Louisiana, Michigan, Montana, Nevada, and Tennessee, and the available-state list continues to shift. In January 2026 Novig filed a formal application with the CFTC to become a Designated Contract Market, and its $75M Series B in March 2026 was explicitly raised to fund that transition. The migration will not be instant — CFTC DCM applications typically take 12 to 24 months. Until it closes, Novig's legal status varies state by state and should be verified against the current app availability list before you sign up.

User Experience

The Novig app is modern, fast, and feels more like Robinhood than DraftKings. The peer-to-peer matching is mostly invisible to the user — you see prices on a line and tap to bet. The main frustration is liquidity on non-mainline markets, where your order may sit unmatched or partially filled. Customer support has a solid reputation among power users.

The Bottom Line

Novig is in the middle of a regulatory pivot from sweepstakes to CFTC-regulated exchange. For users in its currently-available states, the zero-vig pricing is genuinely compelling and makes it a smart complement to traditional sportsbooks for line-shopping. But the state availability map has been volatile, and the eventual CFTC DCM transition will change the product meaningfully. Check current availability in your state before depositing, and do not treat any balance as an indefinite store of value while the regulatory picture is unsettled.