This article covers a list of top sports betting and online gambling startups that secured significant funding from different sources in the year 2023. We’ll take a look at top startups and the amount they raised.
1. Jackpot.com – $42 million
Jackpot.com extended its Series A round in January with investments from prominent figures and teams, such as the Dallas Cowboys, New York Yankees, James Harden, and Joel Embiid. The platform specializes in selling official digital lottery tickets.
Jackpot.com is an online lottery platform that specializes in offering access to major European and American lotteries, featuring substantial jackpot prizes. Instead of directly participating in the official lotteries, users place bets with Jackpot.com, and the platform matches the lottery winnings, including potential jackpots.
Jackpot.com stands out as a reputable and user-friendly website. It boasts of an impressive selection of lotteries, providing players with the opportunity to aim for life-changing wins. Additionally, the option to join lottery syndicates enhances the overall experience. The platform offers straightforward gameplay and clear instructions, making it accessible to all users.
2. Betr – $35 million
Betr is an online gambling sports betting application co-founded by popular internet personality Jake Paul and gambling entrepreneur, Joey Levy. In late June, the company successfully closed an extension to its initial Series A funding round, raising an additional $35 million. During this funding round, Betr achieved an impressive valuation of approximately $300 million, making it the most valuable company among the listed startups. Notably, it stands out as the only company on this list with a valuation exceeding $100 million, emphasizing its strong market presence and potential for further growth in the online sports betting industry.
3. Acres Manufacturing – $29.6 million
Acres Manufacturing, a well-established casino technology and data company with over 50 years of experience, secured a substantial investment of $29.6 million. This funding was obtained through venture capital sources. In March, Acres Manufacturing made a noteworthy announcement, unveiling its innovative “Ticket In Bonus Out” function. This technological advancement is heralded as the first major upgrade to casino ticket redemption technology in several decades, showcasing the company’s commitment to advancing and modernizing the casino industry.
4. Champions Round – $10 million
Champions Round, a fantasy sports platform that caters to content creators, made significant waves in the investment world by raising $7 million in a Series A round earlier in 2023. This latest funding round brings their total investment to $10 million. The platform was founded in 2018 by Russ, an entrepreneur with more than a decade of experience running his fantasy basketball league, and Chase Payne, who boasts over 15 years of experience in the gaming industry with companies like Electronic Arts and Zynga.
The Champions Round app became publicly available in September 2021 and has shown remarkable organic growth, with a monthly average growth rate of 28% throughout 2022. Presently, Champions Round primarily offers games related to the NFL and NBA, with plans to expand to additional leagues by 2024, including the English Premier League, La Liga, Serie A, Bundesliga, and more.
Similar to sports-betting apps, Champions Round users in the United States can participate in cash games in over 35 states, including Alabama, California, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, Texas, Utah, Virginia, and others.
5. Prophet Exchange — $10 million
Prophet Exchange, a peer-to-peer betting exchange, completed its latest funding round in April, raising a total of $10 million. Established in 2018 by Dean Sisun and Jake Benzaquen, Prophet Exchange offers a unique sports betting platform where users can bet against each other instead of the house.
This innovative approach provides several advantages to users, including increased winnings and reduced losses on every bet, no limits on wager amounts, and the ability to trade in and out of positions with minimal margins. Users can also create offers for desired outcomes at their chosen prices, similar to financial exchanges.
Initially operating in the United Kingdom in 2018, Prophet Exchange secured all the required licenses and compliance measures overseas to validate its concept before bringing peer-to-peer exchanges to the United States. After gaining valuable experience, the team returned to the United States in 2020 to collaborate with New Jersey regulators, establishing exchange rules and regulations in an environment dominated by sportsbooks. The platform offers money line, spread, and total markets for a range of sports, including NFL, NBA, NHL, MLB, and NCAA football and basketball, with plans to expand to soccer, tennis, golf, UFC, and other Tier 2 sports in the near future.
6. Boom Entertainment — $5.9 million.
Boom Entertainment, formerly known as Boom Sports, recently concluded a Series B funding round with the backing of Oyster Ventures and Touchdown Ventures. With a valuation of approximately $70 million, Boom Entertainment stands as one of the highest valued startup on this list.
This casino and sportsbook tech company offers a diverse portfolio of more than 10 different gambling games. Boom Entertainment has emerged as a prominent player in the growing US online gaming industry, providing top-tier gaming content and platform technology. The company’s flagship product, NBC Sports Predictor, has been particularly successful and has led to partnerships with prominent brands in various sectors, including media, sports leagues, casinos, and retail.
Boom Entertainment specializes in developing and operating premium, innovative, and easily accessible games that engage millions of users. These games deliver value to partners through increased mobile engagement, user acquisition, funnel management, and online gaming revenue. The company’s gaming-as-a-service platform, coupled with licensed remote gaming servers, emphasizes high-touch service, speed, and reliability in its offerings.
