Novig founder says Kalshi and Polymarket ad spending helps the whole sector
Novig founder Jacob Fortinsky told Front Office Sports that Kalshi and Polymarket's yearlong marketing spending does not worry him, framing it as a net positive for the prediction market industry. The company separately disclosed that it secured federal approval to operate in all 50 states, has raised over $100 million in total funding, and hired Kalshi's former chief regulatory officer. Novig requires users to be at least 21.
Fortinsky's calm posture only works if Novig's capital and talent can close the attention gap before Kalshi's $40 billion valuation arms it to outspend everyone on user acquisition. With a former Kalshi chief executive now inside Novig, the company gains insider knowledge of how its rival structures market-maker deals and product launches. The 50-state federal approval removes the geographic constraint that has slowed other entrants, putting Novig on equal regulatory footing with Kalshi and Polymarket. Meta's looming play-money app adds a free competitor that could soak up casual users; Novig must prove its real-money edge converts that shared audience before marketing costs spiral industry-wide. The platform's 21-plus age gate also blocks the youngest demographic that Meta would target, sharpening Novig's bet on adult serious traders over volume-driven casual players.
Novig joins a widening field of credible rivals — including Robinhood, DraftKings with DKeX, and now a Meta play-money threat — pressuring Kalshi and Polymarket's duopoly on mainstream attention and institutional capital.