A brand new sweepstakes betting operator called Novig has officially launched in 42 states across the U.S., giving fans a new way to bet on their favorite teams.
Novig announced this week it's set to offer a somewhat different-looking setup for bettors, with the sweepstakes model allowing fans to bet using “Novig Coins” and “Novig Cash,” with the latter being redeemable for real cash prizes.
In addition, the operator promises to provide users the chance to bet directly against friends or the market, rather than exclusively the house, and potentially provide bigger paydays by “levelling the field.”
“Players are fed up with having to play on apps where the house always wins and the odds are stacked against them,” Novig co-founder and CEO Jacob Fortinsky said via a release. “On Novig, 43% of users are profitable — compared to an industry average of 3% — and we’re the first app to offer a commission-free sports prediction market.
“We were overwhelmed by how well we did in Colorado, and we’re beyond excited to now be able to offer our revolutionary app to sports fans nationwide.”
Novig says that while plans to continue expanding will be coming down the pipeline, current offerings include moneyline, spread, total markets, and player props in NFL, NBA, WNBA, NCAAF, NCAAB, and MLB. Plans to add parlays, same-game parlays, as well as additional sports and a web-based interface.
Founded by Fortinsky as well as chief technology officer Kelechi Ukah, the Harvard grads and self-described sports bettors will be making their app available exclusively for iOS upon initial release, having reportedly received nearly $6.5 million in seed funding, with NFL legend Joe Montana reportedly among the early investors.
Sweepstakes betting?
Most notably, Novig is set to operate in something of a gray area known as sweepstakes betting. Sweepstakes betting works by allowing users an alternative mode of entry, in this case, specifically the free Novig coins offering.
While betting lines are offered at the same price on both the free and paid side, users are able to cash out on the paid side after certain conditions are met.
With laws coming at the state level, the widespread legality of the practice has allowed the use of sweepstakes laws for sports betting, though that doesn’t mean changes to avoid this loophole couldn’t come down the pipeline in the future.
Given the generally unregulated nature of the space, however, in situations such as a dispute, there may be little opportunity for recourse.
Additionally, most existing operators in the space have reportedly offered products with limited viability as far as competitive pricing goes.
Nevertheless, the additional competition for sportsbooks is still set to potentially serve consumers well in the long run.
The full platform is available in Alaska, Arizona, Arkansas, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming, as well as Washington, D.C.
