Kalshi and Polymarket Eye Novig, per Front Office Sports
Prediction-market upstart Novig is suddenly the name on everyone’s lips. According to Front Office Sports, the New York–based platform, fresh off an $18 million Series A this summer, has attracted interest from multiple suitors, among them heavyweight rivals Kalshi and Polymarket. Despite the chatter, a source told FOS that Novig “isn’t actively for sale,” and it’s not clear whether any formal offers have been made.
Who wants Novig and why
FOS reports that Kalshi and Polymarket are among several companies that recently approached Novig. The rest of the potential buyers were not identified. Kalshi issued a brief statement to FOS saying it “has no plans for any acquisitions at the moment,” while both Novig and Polymarket declined to comment. The timing of this interest coincides with the NFL season, the industry’s busiest stretch.
Publicly launched in September 2024, Novig runs a peer-to-peer platform for sports contracts only, deriving its name from “no vig” — no built-in house cut. It operates in roughly 40 U.S. states, including some where traditional sports betting is off-limits. More than 90% of its trades are customer-to-customer, which could help ease regulatory scrutiny and build loyalty. Since launch, Novig says monthly volume has surged 50-fold to over $2 billion annually. NFL legend Joe Montana is among its investors.
Regulatory context shaping the market
The acquisition buzz also reflects turbulence in the wider prediction-market space. Kalshi and Polymarket both run contracts on everything from government shutdowns to geopolitical events but have faced legal challenges because some of their offerings resemble sports bets.
Regulators in at least seven states have tried to curtail Kalshi’s products, and Polymarket only recently prepared to re-enter the U.S. after a 2022 settlement. By contrast, Novig’s narrow sports-only, P2P approach may be seen as a safer bet for operators that don’t want to jeopardize licenses.
Other players are moving too: Underdog Sports has entered prediction markets through a Crypto.com partnership in 16 states, and FanDuel has struck a deal with CME Group to build a derivatives-style prediction exchange. In that race, Novig has quickly become the prize that others would like to add to their arsenal — even if, for now, it insists it’s not for sale.
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