More than half the US has begun the process of legalizing USA sports betting sites. With the new US laws, which, State by State, opening the legal possibility for people to bet on sports, the industry has seen the launch of new startups involved in disrupt the status quo to create innovative solutions based on cutting-edge technologies.
We have to consider that new technologies, including AI, chatbots, and machine learning, are reshaping the gambling industry. And this is not only a matter of providing the end user with a better, beautiful experience. AI is used to analyze customer behavior in order to offer customized solution and AI-powered insights are leveraged to attract and retain customers. Chatbots provide real-time information, bringing to higher customer satisfaction and loyalty.
In this scenario, it is clear the renewed interest venture capital firms have on these startups and the potential they have in innovating and opening new markets. Even new industry focused firms have openeed their doors to take opportunities given by the nascent and growing ecosystem, e.g. Bettor Capital and Vice Ventures, which recently closed its second fund, among others.
This is demostrated by some interesting investments vc firm have already made in 2023.
Let’s have a look at this smart betting guide with some interesting venture backed startups during the current year:
- Betr is a Miami, FL-based sports betting and sports media company, operating through Betr Gaming, an online sports betting and gaming business licensed and operational in Ohio and Massachusetts, licensed in Virginia with plans to launch soon, and holding market access in Indiana and other jurisdictions that will be announced soon; and Betr Media, a sports betting media brand. The company announced the raise of a $35M Series A2 funding, at a $300M pre-money valuation, at end of June 2023.
- Rithmm is a Boston, MA-based AI-driven sports betting technology startup that leverages AI algorithms and machine learning to provide users with personalized recommendations, predictive analysis, and a platform for making informed betting decisions, The startup raised $2M in Seed funding in June 2023.
- FantasyLife is a New York-based fantasy sports and sports betting media company which began as a daily email newsletter sent to over 350,000 subscribers. Later, the company launched FantasyLife.com, a website that offers free tools and content like Projections, Free NFL Bets, Prop Tables, a suite of Data Tools, the Best Ball Hub, NFL Player and Team Pages, and a new fantasy league punishment generator. They announced $2M in Friends and Family funding in August 2023.
- Novig is a New York-based provider of a commission-free sports betting exchange that enables users to bet directly against friends or the market, instead of the house.The platform’s launch in expected in Colorado this October. The company announced a $6.4M Seed funding round in August 2023.
- Prophet Exchange is a Hoboken, NJ-based peer-to-peer sports betting exchange that matches users’ potential bets with others from across New Jersey. The platform offers money line, spread and total markets for NFL, NBA, NHL, MLB, and NCAA football and basketball games, and is adding new sports and markets as the platform scales. The company announced a round of over $10M in April 2023.
- Champions Round is Los Angeles, CA-based sports media and consumer technology company that offers a variety of skill-based games to be played alongside users’ favorite content creators. The company raised $7m in funding in Febryary 2023.