Novig reportedly expects to close a funding round by the end of the year that would value the sports prediction markets platform at $2bn. The report says the company is seeking to narrow the gap with Kalshi and Polymarket.
The reported valuation target may inform investor assessments of funding in sports prediction markets.
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Sportradar reported that US revenue rose 47% year on year to €98m in Q3 2026, which the company attributed partly to growing demand from prediction-market businesses. Chief executive Carsten Koerl said the impact of states excluding markets was not material to the company, citing contract terms that restrict content use where those products cannot be offered.
U.S. revenue rose 47% to €98m ($109.7m) in Q3 2026, against Q3 2025. Growing work in the prediction markets industry fueled the 47% year-over-year increase in Sportradar’s U.S. revenue in Q3. CEO Carsten Koerl said he does not worry about more states excluding sports event contracts.
The Ohio Casino Control Commission has told sports betting and fantasy contest licensees and applicants that providing services to prediction market operators may affect their suitability. Interim executive director Andromeda Morrison said licensees must confirm compliance with the notice by 30 October. The commission issued cease-and-desist letters to 10 prediction market companies after a Sixth Circuit ruling allowed Ohio to enforce its gaming laws against Kalshi.
The Ohio Casino Control Commission has sent a notice to sports betting and fantasy contest licensees and applicants in the state warning that providing services to prediction market operators may affect their suitability. Andromeda Morrison, the commission's interim executive director, told the seven-member Commission on Wednesday that licensees and applicants must confirm compliance with the notice by 30 October. The notice was first reported by The Event Horizon newsletter.
Crypto.com and Novig have sued Missouri officials in federal court to stop the state enforcing its sports betting laws against their sports event contracts. The suits were filed on Friday as 30-day deadlines expired for six prediction market operators ordered by Attorney General Catherine Hanaway to stop offering the contracts or obtain state authorisation. Crypto.com argues the Commodity Exchange Act gives the CFTC exclusive jurisdiction.
Crypto.com and Novig have taken Missouri officials to federal court in an effort to block enforcement of the state's sports betting laws against their sports event contracts. The suits arrived on Friday, the same day that 30-day deadlines ran out for six prediction market operators told by Missouri Attorney General Catherine Hanaway to halt sports event contracts or secure state authorisation.
Prediction markets generated $78.2bn in notional trading volume during September. A recovery in sports trading helped push the monthly total above the previous record of $56.4bn recorded in July.
Prediction markets recorded $78.2bn in notional trading volume in September, according to a report published by HackerNoon. The total exceeded the previous monthly high of $56.4bn set in July, as sports trading recovered after a late-summer slowdown.
Missouri Attorney General Catherine Hanaway ordered Polymarket, Kalshi, Crypto.com, Novig, Underdog and Robinhood to comply with state sports wagering laws or stop offering sports event contracts in Missouri. The companies have 30 days to confirm compliance; the state says the contracts require Missouri Gaming Commission licences, and Robinhood disputes the state’s position.