Sports-focused prediction market Novig raises $75 million to challenge Kalshi and Polymarket

As the prediction markets Kalshi and Polymarket dominate the attention of investors and regulators, a sports-focused challenger called Novig is announcing $75 million in fresh funding to compete with the twin giants. Led by the blockchain venture firm Pantera Capital, Novig’s Series B round values the startup at $500 million. 

Once a highly restricted pastime, sports betting has in recent years seeped into every corner of the U.S. economy. First came a 2018 Supreme Court decision that...