Novig unveils commission-free sports betting app in Colorado
Betting startup makes its debut in the Centennial State but without peer-to-peer exchange wagering for now
Sports betting startup Novig has launched what it claims is a first-of-its-kind commission-free sports betting app in Colorado.
Players using the app don’t have to pay traditional fees, with Novig generating its revenue by “charging market makers and professional bettors” and allowing users to bet against each other.
However, until the Colorado Limited Gaming Commission (CLGC) approves exchange wagering, Novig will operate a business model akin to a traditional online sportsbook.
The CLGC examined regulating exchange wagering last summer, yet concerns arose over taxation and, so, the process was halted.
Upon its launch, Novig offers moneyline, spread, and total markets in sports including NFL, NBA, and MLB, with tennis and soccer to be offered in the coming months, as well as player props, futures, same game parlays, parlays, and peer-to-peer competitions.
Jacob Fortinsky, Novig CEO, said: “We’re thrilled to introduce our commission-free sports betting app to the vibrant community of Colorado.
“Novig is committed to delivering a seamless and cost-effective platform that enhances the enjoyment of sports betting.
“Using Novig really should be a no-brainer for sports bettors: we’re offering the same betting experience users are accustomed to, but better prices, faster in-game trading, more transparency, and a number of innovative features like liquidity screens, position tracking, and partial cash-outs.”
Novig raised a $6.4m seed round for the Colorado launch, securing investment from Lux Capital and NFL legend Joe Montana.
The team behind New York-based Novig comes from Silicon Valley and Wall Street firms.
Colorado, which boasts 19 online sportsbooks, generated more than $600m in handle for November 2023, becoming the 10th state to do so.
The figure eclipsed the $537.7m record set in January 2022, with pro football being the most bet-on sport and basketball a close second, at $149.3m and $141.8m, respectively.