Sports prediction market Novig — which currently operates a sports prediction market under a sweepstakes model — is exploring obtaining Commodity Futures and Trading Commission (CFTC) certification to launch real-money betting markets, its co-founder told InGame after the business announced it raised $18 million in Series A funding Monday.
However, the business believes that CFTC registration and the sweepstakes model may be able to go hand-in-hand.
The business became the latest prediction market to raise money in recent weeks, announcing via a press release that it had received $18 million in a Series A funding round led by Forerunner. Existing backers Y Combinator, NFX, Perceptive Ventures, and Gaingels also participated.
