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Novig wants in with the Colorado sports betting market, but they are more than just a sportsbook app.
"Play the market, don't pay the house," the Novig site reads. It is the brainchild of Harvard grads Jacob Fortinsky and Kelechi Ukah. "Our exchange* model gives bettors the power to set their own odds or take the best price on the market. There’s no room for rigged lines or vigs here."
"Vig", "vigorish" or "juice" is in reference to the fee sportsbooks tack on for taking the bet (-110). With the exchanges the middleman (bookmaker) is eliminated.
"We’ve scrapped the ~8% vig so you can keep all you’ve earned — in full, fair and square. Let 'the house always wins' be a thing of the past."
Colorado does not mention this type of wagering model in its regulations.
Gaming analysts Steve Bittenbender notes that they are about to discuss the possibilities.
Last week, the CEO of Novig, a sports betting exchange startup, sent a letter to Colorado gaming officials, urging them to pass regulations allowing for full exchange wagering.
— Steve Bittenbender (@BittGDCG) December 19, 2023
That letter is scheduled to be discussed at Thursday's Limited Gaming Control Commission meeting.…
"Last week, the CEO of Novig, a sports betting exchange startup, sent a letter to Colorado gaming officials, urging them to pass regulations allowing for full exchange wagering. That letter is scheduled to be discussed at Thursday's Limited Gaming Control Commission meeting. Jacob Fortinsky tells Colorado regulators that allowing exchange wagering would "significantly enhance the betting volume" and attract new bettors to the market. "It's important to highlight that exchange wagering acts as a significant magnet for institutional capital, which is a major force in other trading markets. In the realm of stock trading, for example, institutional investors account for approximately 70% of the trading volume," Fortinsky wrote."
Captain Jack Andrews of Unabated expanded on the exchange model and its benefits.
"An informed sports bettor immediately sees the value that a betting exchange can provide. Less margin means you lose less when your wager loses. Sites like Unabated preach that the single sharpest thing you can do to win more at sports betting is to shop for the best possible line. A liquid sports betting exchange provides a chance to always have the best possible line."
While popular in Europe, betting exchanges are only currently regulated in the state of New Jersey.
- Gilbert Horowitz, Gambling911.com
