Novig founder says Kalshi and Polymarket ad spending lifts whole sector
Novig founder Jacob Fortinsky told Front Office Sports that heavy marketing by Kalshi and Polymarket benefits the entire prediction-market sector rather than locking out smaller rivals. Fortinsky downplayed the two platforms' year-long spending lead and confirmed Novig enforces a 21-plus age gate. The company secured federal approval to operate in all 50 states, closed a funding round that brought total capital above $105 million, and hired former Kalshi chief revenue officer and general counsel Elie Mishory.
Fortinsky's framing reframes competitor ad spending as market education that lowers Novig's own customer-acquisition costs. With federal approval in all 50 states and over $105 million in total funding, Novig can now capitalize on that awareness without matching Kalshi's nine-figure marketing outlay. The Mishory hire signals intent to build regulatory and commercial infrastructure fast.
Novig's challenge is converting that tailwind before Kalshi's $22 billion valuation and Polymarket's incumbent liquidity pull the institutional market-making desks into an even tighter oligopoly. Novig must prove its 21-plus age gate and Ludlow Exchange operation can differentiate on compliance and user experience rather than outspend two better-capitalized rivals.