Sydney Sweeney's Nude Novig Advert: Three Weeks Later the Sports App Is Reportedly Worth $2B, Four Times More

Three weeks after Sydney Sweeney's nude advert for Novig, the app is reportedly raising money at a valuation of up to $2 billion (£1.5 billion). That is the valuation investors put on the company, four times the $500 million (£378 million) valuation in February.

Reports on 30 September disagree on whether the funding round has closed. Novig has confirmed it is fundraising. Within a week of the launch, female Olympians accused the advert of sexualising women's sport. Sweeney owns an undisclosed stake, so a higher valuation could lift the paper value of her holding.

How the New Valuation Compares

Novig is a prediction market, an app where users trade on the results of games against one another. Their trades set the prices, not a bookmaker's odds. In February, Novig raised $75 million (£57 million) in a round led by Pantera Capital, a crypto investment fund. A move from $500 million to $2 billion would be a 300% rise in under eight months, if the round closes at the top price.

In June, the Commodity Futures Trading Commission (CFTC) designated Ludlow Exchange, LLC, which operates Novig, as a designated contract market, allowing Novig to expand nationwide under a federal framework. One source told Front Office Sports that investor interest took off after that approval, three months before the advert. Some US states still argue that prediction markets are gambling, and courts have issued conflicting rulings over who can regulate them.

Athletes Accused the Advert of Sexualising Sport

Sweeney said in Novig's launch statement on 9 September that the campaign was about 'embracing a fun idea'. Jacob Fortinsky, Novig's co-founder and chief executive, told Front Office Sports that she approached the company about becoming an equity partner and helped shape the campaign's 'just sports' message. He declined to reveal the size of her stake or her fee. On launch day, he set out the company's pitch to sports fans shown in the X post below.

Australian swimmer Ariarne Titmus, a four-time Olympic gold medallist, called the advert 'an absolute joke' on Instagram. The clip passed 33 million views there by 14 September. American gymnast Gracie Kramer posted a video of her gymnastics, and hockey goalkeeper Joc Bartram said the advert sexualised women's sport. Boxer Skye Nicolson joined the criticism but said the backlash gave Novig 'exactly what they wanted'. Under the UK's CAP advertising code, gambling adverts must not link gambling to 'seduction, sexual success or enhanced attractiveness'.

What Happens Next for Novig

Two sources told Front Office Sports that Novig expects to finish the round this winter, perhaps before 31 December. The outlet said it was unclear how much Novig will raise or which investors will take part. The outlet also reported that more Sweeney adverts are coming, including one on responsible trading.

Novig would still be far smaller than its two biggest rivals. Kalshi is reportedly in talks at a roughly $40 billion (£30 billion) valuation. Polymarket is reportedly raising $1 billion (£756 million) in a round led by 1789 Capital, a firm linked to Donald Trump Jr. That values Polymarket at about $21 billion (£16 billion), up from $15 billion (£11 billion) in April.