Colorado sports fans have a new reason to celebrate as Novig, a pioneering sports betting technology company, has launched its commission-free sports betting app in the state. Novig’s app is the first of its kind in the industry, offering users a cost-effective and user-friendly way to bet on their favorite sports.

What is Novig and how does it work?

Novig is a new sports betting market that operates on an exchange model, which means that users can set their own odds or take the best price on the market. Unlike traditional sportsbooks, Novig does not charge any fees or commissions on bets, allowing users to keep all their winnings. Novig generates revenue by charging market makers and professional bettors, who provide liquidity and stability to the platform.

Novig’s app also features a sleek and intuitive interface, with cutting-edge features such as liquidity screens, position tracking, and partial cash outs. Users can place bets in-game and cash out whenever they want, with no limits or lockouts. Novig currently offers moneyline, spread, and total markets in NFL, NBA, NCAAF, NCAAB, and MLB, but plans to expand its offerings to include tennis and soccer markets, as well as player props, futures, parlays, SGPs, and various peer-to-peer competitions.

Why did Novig choose Colorado as its debut state?

Colorado is one of the most progressive and competitive states in the US when it comes to sports betting. Since legalizing sports betting in 2019, Colorado has seen a rapid growth in the industry, with over 30 licensed operators and a monthly handle of over $300 million. Colorado also has a diverse and passionate fan base, with teams in all major professional sports leagues and several college sports programs.

Novig’s CEO, Jacob Fortinsky, said that he was thrilled to introduce his commission-free sports betting app to the vibrant community of Colorado. “Novig is committed to delivering a seamless and cost-effective platform that enhances the enjoyment of sports betting,” he said. “Using Novig really should be a no-brainer for sports bettors: we’re offering the same betting experience users are accustomed to, but better prices, faster in-game trading, more transparency, and a number of innovative features.”

What are the benefits of using Novig’s app?

Novig’s app offers several advantages over traditional sportsbooks, such as:

• Saving money: By eliminating the ~8% vig that sportsbooks charge, Novig allows users to save money on every bet they place. For example, if a user bets $100 on a -110 line, they would only win $90.91 on a traditional sportsbook, but $100 on Novig. Over time, this difference can add up to a significant amount of money.
• Getting better odds: By allowing users to set their own odds or take the best price on the market, Novig gives users more control and flexibility over their bets. Users can also take advantage of arbitrage opportunities, where they can profit from price differences between different markets or platforms.
• Having more fun: Novig’s app is designed to make sports betting more fun and engaging, with features such as in-game betting, partial cash outs, and peer-to-peer competitions. Users can also enjoy the thrill of trading on a live market, where prices change dynamically based on supply and demand.

How can users access Novig’s app?

Novig’s app is available for iOS devices and can be downloaded from the App Store. Users need to be at least 21 years old and physically located in Colorado to use the app. Users also need to create an account and verify their identity before they can start betting. Novig accepts various payment methods, such as credit cards, debit cards, PayPal, and bank transfers.

Novig’s app is currently operating as an internet sports betting operator and not an exchange, as exchange wagering is not yet approved by the Colorado Limited Gaming Control Commission. However, Novig plans to transition to offering its full platform as soon as it gets the regulatory approval.

Novig is backed by leading investors such as Y Combinator, Lux Capital, Soma Capital, Paul Graham, Joe Montana, Innospark Ventures, Jared Heyman, and the founders of Instacart and Dropbox. The company is based in New York City and was founded by Jacob Fortinsky and Kelechi Ukah, who have backgrounds in Silicon Valley and Wall Street.

For more information, visit Novig’s website or follow them on Twitter or LinkedIn.