Picklebet, an online sports betting company, has raised AU$15m in a series A funding round (PS7.8m/EUR9.0m).
The investment company Discerning Capital led the round. Drive by DraftKings, DraftKings multi-stage venture firm and media investors Manifest Investment Partners participated in this round.
Jeff Sagansky, a betting and media investor, secured a follow-on investment. Picklebet has a license to operate in Australia, and plans to expand to other countries in 2024.
Picklebet signed a deal for two years with Racing and Sports last year. RAS provided its risk-managed trading services to Picklebet’s racing offerings. Oddin.gg had signed a deal in 2021 to provide esports wagering solutions.
Nick Heaney, Picklebet’s CEO said: “This investment is a validation of our in-house betting products and organic media strategies and their value to future betting customers.”
We look forward to using the money raised to fund our first international expansion, accelerate our customer acquisition in Australia and continue innovation of our proprietary technology platform.
Partners for strategic growth
Heaney stated that Discerning Capital would continue to provide support for the operator’s growth.
He continued, “We are fortunate to have Discerning Capital as our strategic partner, who is the leader in growth-stage online gaming and sports betting investors on the market. They will support us in scaling the next stage of growth and development.”
We will rely on their expertise and industry insight as we continue to expand our business beyond Australia and fulfill our mission of reimagining betting and entertainment.
Davis Catlin of Discerning Capital said that Picklebet was a “highly attractive” investment opportunity.
Catlin said: “We evaluated sports betting deals around the globe and Picklebet was the most compelling option because of its unique combination of technology and content in-house, rapid growth, and user acquisition efficiency.
We have worked closely with the team, and we have complete confidence in the ability of the team to implement their vision.