Mets Partner With Novig in First MLB Prediction Market Deal
Novig and the New York Mets have signed an agreement that they said is the first partnership between a Major League Baseball franchise and a prediction market.
The agreement makes Novig the exclusive official prediction market partner of the New York Mets, the companies said in a Thursday (July 30) press release.
Novig is set to launch in August as a federally regulated sports prediction market, focused exclusively on sports, according to the release.
The partnership with the Mets is Novig’s first such agreement with a professional team in any sport, per the release.
“Our mission is to build the home for sports trading,” Novig CEO and Co-Founder Jacob Fortinsky said in the release. “Partnering with one of baseball’s most iconic franchises allows us to bring that vision directly to fans in one of the greatest sports markets in the world.”
PYMNTS reported in August that Novig raised $18 million in a Series A round and that the prediction market startup planned to use the funding to finance licensing in multiple states. Novig has pursued a U.S.-compliant route from the start, the report said.
In February, Novig announced that it raised $75 million in a Series B round, bringing its total capital raised to over $105 million. The company said at the time that it was working to build a “trader-first” sports prediction market and that it officially submitted its application to the Commodity Futures Trading Commission (CFTC) to become a licensed Designated Contract Market (DCM).
Novig announced June 16 that it secured designation from the CFTC as a DCM and was positioned to operate as a federally regulated prediction market and expand nationwide under its new single regulatory framework.
As part of the deal announced Thursday, Novig will be featured in signage at the Mets’ home field ballpark, Citi Field, branded in-game moments, broadcast-visible branding and original digital content, per the release.
“We’re proud to be the first Major League Baseball club to partner with a prediction market company, giving our fans a new and engaging way to connect with the game,” Lew Sherr, president of business operations for the New York Mets, said in the release. “Innovation is a defining characteristic of our business, and this partnership is another example of our commitment to staying at the forefront of the evolving sports landscape.”
