The Colorado launch will mark Novig’s US sports betting debut. It will be facilitated by a market-access partnership with Full House Resorts and its Bronco Billy’s Casino venue.
Novig is pitched as a sports betting exchange model that gives bettors the power to set their own odds or take the best price on the market.
However, users will not be able to set their own prices on the platform as peer-to-peer exchange betting is not regulated in Colorado.
The Colorado Limited Gaming Commission (CLGC) considered regulating exchange betting in the summer, but the proposal was paused due to concerns over taxation.Novig said it will look to offer a commission-free, high-frequency sports betting exchange as and when exchange wagering is approved by state regulators.
At launch, Novig will initially offer NFL, NBA, MLB, NCAAF, and NCAAB markets before expanding to other sports next year, while customers will be able to place bets on Moneyline, Point Spread, and Game Totals, both pre-game and in-game.
Novig – which counts Sporttrade and Prophet as competitors in the exchange start-up space – is backed financially by investors including Y Combinator, Joe Montana and Lux Capital.
A seed funding round concluded in August as the company raised $6.4m from a consortium of high-profile tech investors.
“We’re thrilled to kick off our journey in the vibrant sports betting landscape of Colorado, and we’d like to thank the Division of Gaming for their help throughout the process,” said Novig CEO and co-founder Jacob Fortinsky.
“We’re committed to building an unparalleled, community-led betting experience, and we look forward to becoming the go-to destination for sports fanatics and sharp bettors alike.”