Novig’s sports-focused prediction market has had a strong start since its nationwide launch earlier this month.
The platform’s average daily volume is already surpassing turnover on rival exchanges like Rothera and Underdog, showing significant growth in a short time frame.
“Novig’s exchange launched on Aug. 4 and is off to a strong start, with daily average contract volume of 21 million,” notes Eilers & Krejcik Gaming (EKG) analyst Brad Allen. “That’s ahead of Robinhood’s Rothera exchange and the Underdog exchange.”
The Nadex Exchange, as shown in the chart, clears trades for various prediction market operators, including DraftKings, Fanatics, and FanDuel.
Strong Start for Novig, But Competition Is Intense
Novig’s successful launch in the sports-centric exchange sector during a typically slow month for sports betting in the U.S. is impressive.
Despite the promising start, Novig and its competitors have ground to cover to match the impressive turnover figures of the leading prediction market operators. The analyst notes that the two dominant exchanges combine for about $1.3 billion in average daily volume, overshadowing smaller rivals.
Novig’s focus on sports event contracts and expertise in the sports peer-to-peer exchange space position it well to gain market share in event contracts.
After a successful Series B funding round earlier this year, Novig is now valued at $500 million in private markets.
Novig Bullish on Near-Term Growth
With college football season kicking off, Novig’s CEO Jacob Fortinsky is optimistic about the company’s future growth.
“Our growth will continue to be product-led, but we’re going to become much more aggressive on user acquisition and brand awareness,” said Fortinsky in a recent interview. “I’d be surprised if, in the next two months, any sports fan didn’t know who Novig was.”
Novig is also a financial sponsor of the 4th Quarter podcast.