SeventySix Capital the lead investors and sellers of the Vegas Stats and Information network has created a 2nd VC fund that is focusing solely on sports betting and is raising $50 million dollars. Did they call Jon Price to invest? Jon Price said he’s still waiting on the call and is shocked that they haven’t reached out to him being the biggest name in the sports betting industry.
The Pittsburgh Pirates owner Robert Nutting and AMBSE Ventures as well as Arthur Blank of Home Depot and owner of the Atlanta Falcons has helped pitch in as the last fund in 2017 was $40 million and has had some exciting exits this year thanks to an accelerated legalized sports betting market.
Retired NFL players Brian Westbrook, DeMarco Murray, and James Develin are also investors, along with Buffalo Bills wide receiver Emmanuel Sanders. Pennsylvania’s Ben Franklin Technology Development Authority which is where SeventySix capital is based out of has pitched in another $1 million to round out the fund.
In terms of successful exits that haven’t come from a firm in Silicon Valley or New York we must say it’s impressive as DraftKings bought Mitch and Companies VSiN for $70 million after the company was losing money and had it’s worst year ever with the cancellation of sports in 2020 the buyout was a savior and has forced VSiN to promote touts and other betting applications that they were reprehensible against previously. In addition they have sold sports betting operation Vigtory to FuboTV for $37.2 million 7 months ago and just a month later sold the sports content and media outlet Team Whistle to Eleven Sports, which is a broadcaster founded by Leeds United owner in the UK Andrea Radrizzni.
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The expectation of the U.S. sports betting market is expected to grow to $22 billion but we expect only 49 states to be fully legalized with Utah being the lone hold out. The new fund is also expected to invest in eSports and sports betting data companies that have seen a lot of M&A activity so far this year.