Sports prediction marketplace Novig announced the completion of a $75 million Series B funding round, led by Pantera Capital. This round brings Novig's valuation to a guidance value of $500 million. Novig states that it is a prediction market platform focused on the sports sector. Founded by Jacob Fortinsky and Kelechi Ukah, the company aims to challenge the traditional sports betting market with a peer-to-peer (P2P) trading model. The platform currently operates on a lottery model and is applying for regulatory approval from the U.S. Commodity Futures Trading Commission. Novig charges no commission to retail investors, generating revenue through fees charged to institutional participants. The funds raised will be used to expand its business in the sports prediction market. (Fortune Magazine)