Sports IQ, a betting tech provider, has raised $7 million in seed funding from a group with deep sports experience, including the Kraft Group, which owns the New England Patriots, former Chicago Cubs executive Theo Epstein and Boston Red Sox CEO Sam Kennedy.
Led by Harlo Equity Partners, the group also includes Fenway Sports Group president Michael Gordon, gaming investment firm Velo Partners, Inner Circle Ventures and Seattle Kraken minority owner Mitch Garber, a former Caesars executive.
Sports IQ plans to use the capital to expand its team, both for product development and to further service its existing clients. Perhaps most important, according to co-founder and CEO Omer Dor, it will also lean on the expertise and connections of the investors themselves.
“We are thrilled to welcome this distinguished group of investment professionals, seasoned gaming executives, and professional sports team leadership from the NFL, MLB, NHL and EPL to our team,” Dor said. “We have tremendous respect for them and for their proven legacy and history within the sports industry as a whole.”
Roughly 45% of the U.S. population lives in a state with legal sports betting, a number that will increase dramatically in the coming months and years. As sportsbooks fight for market share across the country, many are hoping to use deep marketing budgets to outspend their competitors and acquire new customers. Others seek to differentiate themselves with products.
That’s created a market opportunity for tech providers like Sports IQ, which was founded in 2018. The company offers a number of back-end services to sportsbooks, including automated trading controls, cash-out functionality, bet-building products, and an array of team and player props. The company’s pitch to potential partners is an opportunity to offer markets, particularly in live betting, that gamblers can’t find anywhere else.
“As we usher in this new era in sports entertainment—one in which sports betting, fantasy, media and data are all becoming one cohesive part of the overall fan engagement experience—we look forward to continuing to build cutting edge products that service that growth,” Dor said.
The company’s tech covers every major U.S. league, plus some college sports, the WNBA and the Canadian Football League. Its current clients include IGT, Bet.Works (now owned by Bally’s) and Betclic.
Inner Circle Sports was exclusive advisor to Sports IQ on the fundraising.