What the post-ad growth data shows

Novig significantly accelerated its growth momentum after launching an advertising campaign featuring actor Sydney Sweeney. According to data the company shared with CNBC, trading volume rose by about 94% when the 20 days before the campaign went live were compared with the 20 days after.

  • The number of first-time depositors increased by more than 218%.
  • Active users in September were up 96% month over month and 260% year over year.
  • App downloads also rose by more than 187%.

Jacob Fortinsky, one of the company’s co-founders, said the campaign and the official start of the NFL season both helped drive traffic, but he did not expect such a large surge in volume and new users. The data suggested that marketing spend can be effective as the young company competes with more established rivals such as Kalshi and Polymarket.

The campaign message and the backlash it sparked

Novig, a federally regulated prediction market, launched in early August. In its Just Sports campaign, announced on September 9, Sydney Sweeney said the company focused only on sports event contracts. The campaign emphasized that contracts linked to wars, deaths and politics were not included.

According to Fortinsky, that approach also influenced the actress's decision to take equity in the company. Novig did not disclose the size of Sweeney's stake.

The ad's wording also drew criticism from some female athletes. The backlash centered on concerns that the campaign could hurt perceptions of women in sports, while company executives argued the goal was to clarify Novig's product positioning rather than represent female athletes.

Funding round, valuation and competitive landscape

Novig's growth data came as the company was pursuing an aggressive expansion strategy. The platform has sued several states, arguing that sports event contracts cannot be regulated by state authorities, and it has also raised its user age threshold to 21 and older, giving up potential revenue. In the U.S., Kalshi and Polymarket are open to users aged 18 and over.

According to the Wall Street Journal, the company is now raising a new funding round at a valuation of around $2 billion. Forbes reported that Novig reached a $500 million valuation in its $75 million Series B round in February, while the size of the new round and the identities of the investors have not been disclosed.