Good News for Sydney Sweeney as Novig Valuation Hits $2 Billion

Novig, one of the fastest-growing prediction market operators, has reportedly concluded a funding round that quadruples its valuation to $2 billion.

Citing sources familiar with the matter, multiple outlets reported Wednesday, Sept. 30, that Novig wrapped up a capital raise valuing the sports-only exchange at $2 billion.

The reports suggest that investor interest in Novig soared after the Commodity Futures Trading Commission (CFTC) granted Novig Designated Contract Market (DCM) status in June.

That approval—a necessity to operate a regulated prediction market in the U.S.—allowed the peer-to-peer sports exchange to launch across almost all 50 states. Novig is currently live in 47 states, with Arizona, Michigan, and Nevada remaining the only exceptions.

News of the latest capital raise arrives seven and a half months after the company wrapped up a Series B round that raised $75 million at a $500 million valuation. Put another way, Novig’s valuation quadrupled in less than eight months.

A Nice Payday for Sydney Sweeney

Novig’s Series B round was led by Pantera Capital, with participation from existing investors Forerunner, NFX, and Perceptive Ventures, as well as Edge Equity, Makers Fund, and Multicoin Capital.

However, none of those VC firms carry the household name recognition of Sydney Sweeney, the star of Novig’s high-profile, highly discussed ad campaign.

Sweeney is particularly relevant to the business story because she opted out of standard cash compensation for the commercials. Instead, she requested and received an undisclosed equity stake in the company.

While the provocative ads have been running for several weeks, Sweeney’s exact equity percentage remains undisclosed. However, even a 0.5% stake would now be worth $10 million based on the $2 billion valuation.

Excluding her Novig equity, Sweeney’s net worth is estimated between $40 million and $50 million.

Novig Climbing the Prediction Market Ranks

While the extent to which the Sweeney campaign is driving app downloads remains a topic of debate, Novig is indisputably one of the fastest-growing brands in prediction markets—a surge powered largely by its sports-only positioning.

More than 250,000 traders across the U.S. have driven over $6.5 billion in volume on Novig, according to company data.

Even at a $2 billion valuation, Novig remains small compared to the top two prediction market operators, which hold a combined valuation of roughly $60 billion. However, unlike broader competitors that host political and economic markets, Novig’s tight focus on sports positions it to capture a distinct slice of the sector.

An initial public offering (IPO) remains a distant prospect for now.

“Novig has not announced any IPO plans despite operating in the high-growth sports betting industry. The company continues to focus on expanding its peer-to-peer betting platform and growing its user base in legal sports betting markets,” according to IPOs.fyi.