Commission-free sports betting exchange Novig has set out plans to launch in Colorado after securing a license in the Centennial state.
The Internet Sports Betting Operator license from the Colorado Division of Gaming will allow Novig to roll out its offering in Colorado. The operator will partner with Full House Resorts and its Bronco Billy’s Casino property in Cripple Creek to secure the license.
Novig is building a commission-free, high-frequency sports betting exchange. However, until exchange betting is approved in Colorado, Novig will be active as a sports betting operator.
The operator will initially offer football basketball, baseball and college sports markets before expanding to more sports next year. Users can place bets on the moneyline, point spread and game totals, both pre-game and in-game,
“We’re thrilled to kick off our journey in the vibrant sports betting landscape of Colorado,” Novig co-founder and CEO Jacob Fortinsky said. “We’d like to thank the Division of Gaming for their help throughout the process.
“We’re committed to building an unparalleled, community-led betting experience. We look forward to becoming the go-to destination for sports fanatics and sharp bettors alike.”
Novig raises $6.4m in pre-seed round
The news comes after Novig in August raised $6.4m in a pre-seed funding round. The round featured a number of well-known tech investors.
New York-based firm Lux Capital led the investment round, with participation from several prominent Silicon Valley venture capitalists.
These include famous start-up accelerator Y Combinator and inventor of the Lisp programming language and Dropbox co-founder Arash Ferdowsi. Also investing was former San Francisco 49ers quarterback Joe Montana.