Prediction Markets = Financial Entertainment
Prediction markets are having a moment - especially in sports. The headline this week: Novig announced an $18M Series A led by Forerunner Ventures - a consumer-first firm that doesn’t typically invest in sports betting.
That’s a signal: mainstream Silicon Valley VCs now see “sports predictions” as more than gambling; they see a new consumer financial product with exchange-like mechanics and social distribution.
Why now? The legal scaffolding shifted. In May, the CFTC - the Commodity Futures Trading Commission - dropped its appeal in the Kalshi case, clearing the path (for now) for regulated event-contract trading. The CFTC is the federal agency that oversees derivatives and commodities markets. Under certain conditions, it can authorize “event contracts,” which let people trade on the outcome of future events - from elections to sports results.
How its different from sports betting: In a traditional sportsbook, you wager against the house at fixed odds, and the bookmaker’s margin is built in. In a prediction market, you trade with other users on an exchange - prices move with supply and demand, spreads can be tighter, and transparency is higher. The model creates new regulatory pathways and a different product experience, one that feels as much like trading as it does betting.
Also: liquidity arrived. On-chain platforms like Polymarket turned the 2024 election cycle into a cultural moment, with volumes spiking and a valuation north of $1B. Love or hate crypto rails, they proved two things: (1) people want to trade on outcomes they follow, and (2) social media is the distribution layer. Incumbents noticed - DraftKings says it’s “actively exploring” the space and has reportedly been in talks to acquire Railbird, a federally licensed platform.
The Sports Market Headwinds & How Novig Is Capitalizing
If you want to see where the real action is, follow the sports calendar. Kalshi, a CFTC-regulated exchange, has already seen more than $2B in sports trading this year.
March Madness alone drove roughly $400M.
Wimbledon accounted for two-thirds of weekly volume during its run, and even slow weeks keep sports at 60–70% of total activity.
That’s the spark behind the rise of financial entertainment - sports fandom evolving into a real-time, tradable experience. It’s fantasy sports meets prop bets, but with the transparency and mechanics of a market.
Novig is leaning into that crossover. Built on a sweepstakes model, it gives users two digital currencies - Novig Coins (free play) and Novig Cash (redeemable for prizes) - and matches them directly against other users, not the house.
The model has scale: Novig says it’s processing a 50x increase in monthly trading volume and more than $2B annualized in wagers. They’re branding themselves as “America’s #1 Sports Prediction Market” and eyeing CFTC certification as a hedge against tightening sweepstakes rules. And if that happens, they could jump from 40-state reach to truly national overnight.
🚨Flutter Entertainment’s Startup Program: Apps Due August 30th
After highlighting Alpha Hub, Flutter Entertainment’s Startup Partnership Program, in last week's newsletter, we were informed there was a surge in applications - attributed to The 4th Quarter! Here is another reminder that applications to the Affiliate Draft are due in two weeks.
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Sports-Tech Market Activity: Investors & Deals
Venture Capital
Novig, a NYC-based peer-to-peer sports prediction market enabling users to trade directly with one another, raises $18M in Series A funding (Aug. 11th)
Surpassed $2B in annualized trading volume less than a year after launch; 90% of trades are now fully peer-to-peer, signaling strong product-market fit and user retention 3x higher than traditional sportsbooks
Investment led by Forerunner; other investors include Y Combinator, NFX, Perceptive Ventures, and Gaingels [PRN]
Jump, a NYC-based unified fan experience platform for professional sports teams, raises $23M in Series A funding (Aug. 12th)
Funds to scale product innovation, expand into the NBA and WNBA, and deliver personalized, AI-driven fan experiences while enabling teams to own their data and operations end-to-end
Investment led by Seven Seven Six; other investors include Forerunner, Courtside Ventures, Will Ventures, and additional pro team owners [Jump]
TILKI, a London-based AI-powered game creation platform enabling users from children to professional designers to generate game worlds without coding, raises $2.2M in Pre-Seed funding (Aug. 12th)
Funds to expand operations, build a closed beta launching in six months, and develop an open beta within a year alongside a marketplace for sharing strategies, components, and collaborative game elements
Investment led by Twin Path Ventures; other investors include Atlas AI^VB Fund I, XTX Ventures, and SFC Capital [FinSMEs]
Uncle Arnie’s, a LA-based THC and hemp-infused beverage brand offering recreational cannabis drinks, raises $7.5M in Series A funding (Aug. 13rd)
Distributing across 16 states in liquor stores, grocery outlets, and licensed dispensaries, with products ranging from low-dose iced teas / lemonades to higher-dose cannabis beverages / shots
Investment co-led by Mindset Capital and Delta Emerald Ventures; other angels include Harry Rubin, founding partner of the Boston Beer Company, who joins the board [FinSMEs]
Batbox, a baseball simulator entertainment company blending flagship sports bar venues with licensed simulator technology, raises $3M in growth capital (Aug. 12th)
Plans include opening its first U.S. flagship venue in Dallas this September, targeting 10 flagship and 200+ licensed locations by 2030, alongside a compact Batbox Suite product for underutilized spaces
VOW, an event management tech company whose AI-powered platform streamlines guest management workflows for event planners, closes first portion of Seed round (Aug. 11th)
Funds to expand platform capabilities and scale adoption across sports, entertainment, and media clients
Investment led by KB Partners; other investors include Capitalize VC, Jim Kaplan (Chasella Capital & Two Kap Ventures), Elizabeth Brooks (Better Angels Ventures), and Alumni Ventures Sports Fund [SBJ]
M&A and Investments
Portland Trail Blazers to be acquired by NHL Carolina Hurricanes owner Tom Dundon for ~$4B (Aug. 14th)
Agreement with Paul Allen’s estate excludes real estate assets; pending NBA approval
Dundon pledges to keep team in Portland; first major NBA investment for the billionaire sports owner [Axios]
Boston Celtics sold to group led by Bill Chisholm for $6.1B, NBA’s second-largest franchise sale (Aug. 13rd)
NBA Board of Governors unanimously approves deal; Chisholm acquires at least 51% now with option to purchase remaining shares in 2028 at $7.3B valuation
Sale follows Celtics’ 18th NBA championship; valuation trails only Phoenix Suns’ $6.4B record [Reuters]
The IX Sports acquires women’s hockey publication The Ice Garden to expand 24/7 women’s sports newsroom (Aug. 15th)
Adds established hockey vertical ahead of PWHL’s third season and 2026 Winter Olympics; The Ice Garden team retains editorial control while The IX takes over business operations
Acquisition follows Monumental Sports’ investment in The IX Sports, fueling staff hires and positioning to tap into brands’ growing appetite for women’s sports sponsorship [Sportico]
Sinclair Broadcast Group, a major U.S. television broadcaster and owner of regional sports networks, exploring merger options to consolidate regional sports networks and media assets (Aug. 12th)
Potential transactions could involve strategic partners or other media companies, aiming to stabilize RSN operations and expand distribution capabilities
Move comes amid shifting sports media rights landscape and Sinclair’s efforts to restructure its Diamond Sports subsidiary [SBJ]
Morecambe FC, an English football team, reaches sale agreement with Panjab Warriors consortium (Aug. 14th)
Deal aims to stabilize financially troubled National League club amid unpaid wages and operational uncertainty
Legal approvals pending; decision on league membership expected by Aug. 20 [TalkSport]
Red Bull completes acquisition of Premiership Rugby club Newcastle Falcons, rebrands as Newcastle Red Bulls (Aug. 12th)
First full club ownership in rugby for Red Bull, adding to multi-sport portfolio across soccer, motorsports, and sailing
Takeover sparks record season-ticket sales; plans for infrastructure upgrades and matchday experience revamp [ESPN] [The Guardian]
Gambling.com Group to acquire Spotlight.Vegas, a Las Vegas-focused ticketing, attractions and hotel booking platform (Aug. 15th)
Adds diversification beyond online gambling, bringing new relationships with entertainment venues and multiple land-based casinos
Spotlight.Vegas to integrate with Gambling.com’s portfolio (RotoWire, BonusFinder, Freebets.com), following prior acquisitions like OddsJam and OpticOdds [Gambling Insider]
Photo Creds: SailGP’s new “RaceScape XR” mixed reality app on Apple Vision Pro.
Strategic Ventures
Paramount secures exclusive U.S. rights to UFC events in $7.7B, seven-year deal starting 2026 (Aug. 11th)
Paramount+ to stream all 13 numbered events and 30 “Fight Nights” annually, with select events simulcast on CBS; marks UFC’s shift away from its pay-per-view model
Deal follows Paramount’s merger with Skydance and positions the platform for deeper fan engagement, with discussions underway to host a White House fight on July 4, 2026 [CBS]
SailGP debuts “RaceScape XR” mixed-reality app for Apple Vision Pro, bringing immersive race data and visuals to fans (Aug. 13th)
Built with SailGP’s proprietary LiveLine tech; the free app also offers curated video, live race metrics, and AR visualizations of real-time boat positioning, with future plans for expanded live video integration
Marks SailGP’s first Apple Vision Pro release, leveraging the platform to showcase races in a more immersive format [SBJ]
Lucra partners with biometric fitness and insurance platform HiQOR to launch gamified health challenges tied to real-world incentives (Aug. 12th)
Integration uses Lucra’s white-label SDK to power challenges based on biometric inputs like heart rate, recovery scores, and output metrics
Aims to connect wellness engagement directly to insurance outcomes, enabling compliant gamification for events, corporate wellness, and partner rewards [Fitt Insider]
Noteefy launches AI Pro Shop Assistant to bring 24/7 real-time support to golf courses and players (Aug. 13th)
Product delivers instant answers on tee times, course info, and conditions directly via course websites, aiming to reduce pro shop call volumes that can average 50+ daily per facility
American Golf Corporation to deploy across its portfolio; included at no extra cost for all Noteefy customers and integrates with the platform’s broader suite of golf operations tools [LinkedIn]
Job Board & Opportunities: Week of August 15th
Here are some cool roles we found and personally curated this week - enjoy!