On Thursday, Betsperts Media and Technology Group announced the closing of its $6 million Series A funding round. HBSE Ventures co-led the round with Verance Capital, joining previous investors Parlay Capital Holdings, Velo Partners and several others.
Betsperts wants to be a central hub for content, social media, advice and user analytics for the sports gambling world. The social media aspect of the Betsperts platform plays a key role in the company’s product. The company aims to provide bettors with crowdsourced information so they can get advice before they place their wagers, and it allows its users to build custom feeds so they can stay informed about their favorite teams and leagues.
Sports gambling is being legalized in more and more states after a U.S. Supreme Court decision from 2018. As states pass the legislation needed to make legalization a reality, several sports gambling companies have seen huge success, with the most notable being DraftKings. But the industry is large enough that others are moving quickly to secure their own piece of the pie.
Betsperts is one of those companies moving quickly. Earlier this year, Betsperts acquired ESPN analyst Matthew Berry’s fantasy sports app Fantasy Life, strengthening Betsperts’ presence in the fantasy sports world. The company says that between the Betsperts app, Fantasy Life app and its livestream media content, Betsperts boasts one of the largest sports betting audiences in the country. Betsperts says that it’s on track to surpass one million lifetime downloads later this year, once the NFL 2021 season gets started.
This Series A funding will help Betsperts grow in order to become a major player in the burgeoning sports betting scene.
“This capital gives us the opportunity to heavily invest in growing the user base with investments into marketing, technology, more content and continues to allow us to look at strategic acquisition opportunities,” Betsperts CEO Reid Rooney said in a statement. “We want to be where the social conversation lives for fantasy sports and sports bettors as more states (and provinces) legalize sports gambling.”
