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This week: Novig raises $75M to build sports prediction market. Also: Fireplace raises $1.5M for prediction market trading terminal, and how NEXT NYC became the industry's room for decision-makers. February 19, 2026 Novig raises $75M to build sports prediction market. The news: Novig has raised a $75M Series B led by Pantera Capital, with participation from Multicoin Capital, Makers Fund, Edge Equity, and existing investors - bringing total capital raised to more than $105M. The commission-free, peer-to-peer sports exchange reported 10X trading volume growth in 2025, with annualized volume now exceeding $4B, and has formally applied to the CFTC to become a licensed Designated Contract Market (DCM) available in all 50 states. Zoom in: Unlike traditional sportsbooks that operate an "against-the-house" model, Novig runs an order-book exchange where traders compete on a "level playing field," the company said. "Our mission is to democratize and financialize sports markets," said Co-Founder and CEO Jacob Fortinsky, who argued the dominant sportsbook model is "not a market," but a "rigged game" in a separate blog post. The new capital will fund deeper liquidity, advanced trading tools, and institutional onboarding as Novig builds what it believes is a true trader-first alternative. Why it matters: Although sports account for most prediction market volume, the company argues those platforms weren't built with sports traders in mind. Novig's belief is that the convergence of sports betting and financial markets will favor transparency, efficiency, and exchange-style market structure. If approved by the CFTC, the company's transition to a federally regulated exchange could mark another step toward sports prediction markets entering the mainstream nationwide. Fireplace raises $1.5M for prediction market trading terminal. The news: Fireplace, a professional trading terminal for prediction markets, has raised $1.5M in pre-seed funding led by Frachtis, with participation from White Star Capital and others. The startup is building a unified terminal that aggregates markets, liquidity, and execution across venues - delivering real-time data, institution-grade execution, advanced charting, and wallet infrastructure powered by its in-house Enclave Money stack. Zoom in: As prediction markets fragment across platforms and chains, Fireplace is positioning itself as the cross-venue layer - routing orders when the same market exists in multiple places. In just five months, the company has amassed 30,000+ traders on its waitlist, and officially launched on January 27. Why it matters: Frachtis CIO Xavier Meegan says Fireplace is building an interface that markets like Polymarket have been missing. Meanwhile, Fireplace Co-founder and CTO Akshay Rajagopal described the product as the "Bloomberg Terminal" of prediction markets, promising to bring "infrastructure and execution that simply didn't exist before." Sponsored by NEXT Emerging Verticals will take place ahead of the NEXT NYC Summit on March 9, covering prediction markets, social casino, sweepstakes, and skill-based gaming. Secure your pass now to stay ahead, and use code BETTINGSTARTUPS10 for 10% off. How NEXT New York became the industry's room for decision-makers. The news: For NEXT.io Co-founder Pierre Lindh, the fifth anniversary of the company's New York show feels less like a milestone, and more like validation. After years of volatility in gambling markets and a near existential scare during COVID, NEXT's Manhattan event has quietly become one of the industry's most important annual gatherings. "I've never seen an event take off from one year to the other the way that New York has," Lindh said on The BettingStartups Podcast. Zoom in: Ticket sales are tracking well ahead of last year - growth Lindh says is tough to achieve for a fifth-year event. "If you see a 15 to 20% increase year to year, you have made a massive success... I've never seen anything like it," he said, with the show now trending toward a sellout despite an industry known for booking flights before badges. From a global perspective, Lindh says NEXT New York has carved out a distinct position: "It's seen not just in the U.S. but globally as the kind of senior conference of the industry where serious business gets done." Why it matters: That positioning is intentional. At $1,500 per ticket and hosted in Manhattan's financial district, the show is priced to attract decision-makers - creating a curated room of founders, investors, and C-suite executives. Five years ago, launching a U.S. flagship show from a European base was an ambitious bet; today, the conversation has shifted from proving the concept to managing scale - upgrading venues, balancing delegate mix, and preserving the room's chemistry as demand accelerates. News, money, and alpha. * Polymarket has struck a deal with Substack to embed its exchange data directly into the platform. * Underdog's VP Responsible Gaming penned thoughts on lessons learned from over 40 startup evaluations, and noted the company's RG fund GuardDog is on the hunt for its next investment. * The Starties is hosting a networking party ahead of NEXT NYC on March 9th - click here to join the waitlist. From the studio. Catch up on the latest episodes of The BettingStartups Podcast. You've made it to the end of the newsletter - seems like you should probably subscribe if you haven't already. Are you a startup in real-money gaming looking to announce a new product launch, partnership, or funding round? 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/PRNewswire/ -- Fastest-growing sports trading platform applies for DCM license to be available in all 50 states Novig operates a commission-free, peer-to-peer...