- Novig, the fastest growing sports trading platform, raised $75 million for their next phase of growth.
- The Netherlands cracked down on Polymarket offering “unlicensed gambling” for Dutch residents.
- Polymarket is now pushing for more presence in China, despite their strict online gambling ban.
NEW YORK – Prediction markets continue to fill the headlines with different achievements, investments, and restrictions across the globe. One of the most intriguing prediction market apps, Novig, raised $75 million for their trader-first sports prediction market.
While most other prediction markets feature sports but focus on other markets, Novig appeals directly to sports traders as an alternative to traditional sportsbooks, providing a commission-free peer-to-peer exchange for sporting events. According to a statement from Novig CEO and Co-founder Jacob Fortinsky, “Novig users are 10 times more likely to win than on traditional sportsbooks…Others are using prediction market technology to financialize new markets with unproven demand. We leverage it to fix broken markets where demand already exists.”
Polymarket Fined In Netherlands, Pushing For Chinese Market
After an investigation by the Netherlands Gambling Authority, Polymarket has been ordered to stop offering unlicensed remote gambling to locals. Polymarket will be fined €420,000 weekly and a maximum of €840,000 if Polymarket fails to comply.
Netherlands claim that Polymarket offers sports betting without a license, specifically noting that the prediction market allowed wagers on political events, which are illegal to trade in Netherlands.
Despite striking out with the Dutch, Polymarket is investing in a push for Chinese players. Polymarket hired multiple Mandarin-speaking staff members and appointed Justin Yang to lead their market strategy in Asia.
With China sports betting sites few and far between, this is a tough venture for Polymarket. Still, they offer more Chinese-centric markets regarding Lunar New Year and claim to have received “hundreds of millions” in trading volume from Asian countries.
