Novig isn’t as well known as Kalshi and Polymarket, but 28-year-old founder and CEO Jacob Fortinsky isn’t concerned. His sports-focused prediction-market platform has raised more than $100 million since its 2021 formation and recently received federal approval enabling Novig to expand into all 50 states.
In addition, Novig just hired Kalshi’s former chief regulatory officer, who also previously worked at the Commodity Futures Trading Commission, the federal regulator that oversees prediction markets.
In a recent conversation with Front Office Sports, Fortinsky said he believes prediction markets are a better product for consumers than traditional sportsbooks, touting the fact that Novig is perhaps the only prediction-market platform whose users must be at least 21, and framing the massive marketing pushes from Kalshi and Polymarket over the last year as a net positive for the industry at large.
Front Office Sports: The CFTC recently approved Novig as a designated contract market, which allows the company to operate as a federally regulated prediction market nationwide. What was that process like?
Jacob Fortinsky: The process took us about five months, and we are proud to be the fastest-approved DCM in the history of the U.S. It was more rigorous than I expected, honestly. It’s very clear they are much more proficient regulators than other state regulators I dealt with previously. They have an incredibly high bar for designation. The current CFTC has acted with a greater sense of urgency and care when it comes to prioritizing innovation and the future of markets, and they have the utmost concern of ensuring the integrity and safety of markets for all participants.
