Novig launches sweepstakes prediction market for players ‘tired of losing’

Novig, the self-styled first-of-its-kind prediction market based on the sweepstakes model, has launched in 42 states and Washington D.C. in the United States. The company hopes to quickly establish itself as the go-to prediction platform for players who are "fed up with the house always winning."

Novig tries to take on the sports betting market with sweepstakes model

Available across the majority of jurisdictions in the country, the platform uses the Novig Coins and Novig Cash which serve slightly different purposes, with Novig Coins used purely for fun whereas Novig Cash will be used to redeem various cash prizes.

In outlining the new platform, Novig Co-Founder and CEO Jacob Fortinsky has suggested that 43% of the people who use Novig are in fact profitable, compared to just 3% on average for users using other apps.

The platform is available on iOS presently and it offers options such as moneyline, spreads, totals, and player props on a variety of popular sports, including the NFL, NBA, WNBA, NCAAF, NCAAB and MLB. Novig is also planning on rolling out futures, parlays, same game parlays, and increasing the number of sports supported by the platform.

He similarly said that "other apps where the house always wins, and the odds are stacked against them" were no longer appealing to customers. However, these numbers are drawn on a very small sample base nationwide.

Novig enjoys strong backing from various investors as sweepstakes model comes under attack

"We were overwhelmed by how well we did in Colorado, and we're beyond excited to now be able to offer our revolutionary app to sports fans nationwide," Fortinsky said.

However, Fortinsky remains confident. His company has raised as much as $6.4m from various investors, including Paul Graham, CapitalX, Soma Capital, Archon Capital, and many others.

In the meantime, several states in the US have said that they would look further into the sweepstakes model for qualms that it may represent an illegal form of gambling.

Some have alleged that the sweepstakes model simply circumvents traditional sports betting and casino licensing for profit. The American Gaming Association (AGA) has been among the outspoken critics of the model, prompting the industry to respond.

Last week, numerous sweepstakes companies came together to form the Social andPromotional Gaming Association (SPGA), a new trade body set up to protect the vertical’s business interests at a time of increased scrutiny.

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