Novig is offering up 500,000 of its native currency for the Blue Blazer Jackpot, the company’s largest-ever giveaway tied to golf's first Major of the year.
Customers are allowed one entry per day and are charged with simply picking the player they think will walk away as the winner of this weekend’s competition.
Key Takeaways
- Customers who predict the winner will split a pool of 500,000 Novig Cash.
- Novig also announced a new content focus and series leading up to the start of the tournament.
- $75 million in funding was raised to help Novig become a full-fledged prediction outlet.
The Blue Blazer Jackpot began on Thursday, April 9, and will remain open through the end of this week's tournament at Augusta National.
All that is required of customers is to opt in and claim a daily token, which is then applied to a qualifying trade on the winner of the tournament. Anyone who correctly predicts the winner will split the 500,000 Novig Cash prize pool with all other winning traders.
Qualifying trades must have odds of -300 or longer, meaning less likely and have a higher numeric value, in the “Outright Winner” market on anyone competing at Augusta National. Valid trades must also be worth at least five Novig Cash to enter customers into the Blue Blazer Jackpot.
Tokens can be applied to the same or different golfers over the four rounds of action. Users who choose to double, triple, or quadruple-down on their player of choice will add a corresponding multiplier to their final prize value if their selected golfer wins.
Each token carries the same value, regardless of which day it is used or the golfers’ odds are at the time the token is applied.
The final chance to apply a token will be from Saturday at 6:00 p.m. ET through Sunday at 2:00 p.m. during the build-up to Day Four. Unused tokens will expire and cannot be used on subsequent days.
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Novig ramps up its offerings
Heading into Day Two, Northern Irishman Rory McIlroy (-5) has the shortest odds to win the competition at +312. American Scottie Scheffler (-2) is next at +393 before a sizable drop-off to American and third-place Xander Schauffele (-2) at +987, according to Novig’s odds.
Fans of the tournament will find Round Two coverage beginning at 3:00 p.m. ET on ESPN on Friday, before Round Three and Four move to 2:00 p.m. on CBS on Saturday and Sunday.
Novig is a sports-focused social prediction app offering markets across multiple leagues and federations, including professional golf. Customers buy and sell “Yes” and “No” outcomes associated with their market of choice; in the case of the Novig jackpot, that would be the “Outright Winner” at Augusta National.
The jackpot builds on Novig’s Wednesday announcement that it reached a trailblazing partnership with LIV Golf, granting the platform the right to host the first activation at a live professional golf event. The prediction company also revealed that it would focus on producing new social content, including a series focusing on the lives of the players.
Meanwhile, Novig is currently working to receive approval from the Commodity Futures Trading Commission, the federal body in charge of regulating prediction platforms. Achieving licensing would allow the platform to move from a sweepstakes-style approach to offering contracts on a federally regulated exchange in multiple markets, thereby moving it beyond states’ authority.
Prediction markets are “in”
Novig is one of several companies that are looking to capitalize on the swelling momentum in the prediction industry.
Founded in 2021, Novig announced in February that it received $75 million in funding in preparation for its launch as a full-blown prediction outlet. It has now generated more than $105 million in capital in less than a year, with investments from entities including Forerunner, Perceptive Ventures, and NFX.
A recent analysis by Bank of America suggested that sports event contracts could become a $1.1 trillion market when fully matured.
