Sports betting startup Novig has raised $6.4 million in seed funding, with the aim of bringing exchange-style wagering to everyday fans.
Lux Capital led the round, which included participation from Joe Montana and Y Combinator, among others. The New York-based company plans to launch its app in Colorado this October.
Most bets originate with lines set by “the house,” a sportsbook that takes action on both sides of a given wager and makes money from the “vig,” or additional take it adds to the odds it offers, often ranging from 5% to 15%. Unsurprisingly given its name, Novig plans to distinguish itself by offering bets without a vig.
