Bettor Capital, the enterprise agency launched final 12 months by playing government Dave VanEgmond, has closed its first fund, greater than $50 million that it’ll deal with real-money on-line gaming functions: every thing from sports activities betting, horse racing and fantasy to on-line on line casino video games, poker and lotteries.The agency is trying primarily for business-to-business alternatives, the software program and know-how that powers the quickly rising business, based on VanEgmond. It intends to maintain elevating cash within the subsequent few months, with the aim of finally reaching $120 million.More from Sportico.comLast week the fund introduced its first funding, a content material automation platform referred to as Data Skrive. VanEgmond additionally has a brand new accomplice, Jake Kleiner, a software program and fintech investor whose earlier stops embody U.S. Bank and Vista Equity Partners.“Everyone within the real-money gaming business is having their Amazon second, going digital,” VanEgmond mentioned in an interview. “Legacy on line casino companies are virtually like retail giants, like a Wal-Mart, and now have to grow to be Amazon. And we’re investing within the know-how and software program options that allow that digital transition for these retail/leisure companies because the sector strikes from overwhelming majority bodily to overwhelming majority on-line.”VanEgmond began Bettor Capital final 12 months after leaving Barstool Sports. He’s negotiated two of the larger U.S. sports activities betting offers, together with Barstool’s $163 million partnership with Penn National Gaming (NASDAQ: PENN). Prior to that, he was an government vp at FanDuel, and launched a sale course of that ultimately led to Paddy Power Betfair shopping for round 60% of the corporate for greater than $500 million.Story continuesAlongside the closing of its first fund, Bettor Capital additionally introduced the formation of an advisory board of specialists from round sports activities, gaming, media and leisure. It consists of Steve Kaplan (co-owner of D.C. United and Swansea City), Carl Sottosanti (former common counsel at Penn National), Carl Vogel (former FanDuel Group chairman), Julie Haddon (former NFL senior vp) and Melissa Blau (founding father of consultancy iGaming Capital).Some of these advisers are additionally buyers within the fund. Though particular names weren’t talked about, VanEgmond mentioned the opposite buyers within the $50 million-plus fund had been household places of work and ultra-high-net-worth people from throughout sports activities and tech.Since its launch final 12 months, Bettor Capital has additionally achieved consulting work along with elevating and investing. The group has represented groups within the NFL, NBA, MLS and MLB, together with MLS membership D.C. United in its 10-year settlement with FanDuel and the NFL’s Houston Texans of their multi-year take care of Caesars Entertainment (NASDAQ: CZR). VanEgmond mentioned that consulting work was largely to assist community for Bettor Capital’s investing, and can gradual now that the primary fund has closed.The group expects to shut its subsequent two investments earlier than the tip of the month.Best of Sportico.com
Bettor Capital Closes First Fund With Over $50M for Gaming Tech
