Sports Bet Discovery Startup Raises $3 Million Led by Early FanDuel Investor
BetQL owned RotoQL previously raised a $1.2 million seed round that included participation from DraftKings CEO Jason Robins.
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1 year ago, daily fantasy sports data and analytics company RotoQL raised a $1.2 million seed round that included participation from DraftKings' founder and CEO Jason Robins. Today, that same direct-to-consumer sports data and analytics business is announcing its expansion to reveal a new product for legal sports betting (should the U.S. Supreme Court strike down the current federal ban outside of Nevada) called BetQL as well as the closing of another $3 million in funding.
The most recent round of funding was led by an early FanDuel investor, Karlani Capital. Boston Seed Capital, Velo Partners, Azure Capital, Oakvale Capital and sports information provider Don Best also participated.
In exchange for a monthly subscription, consumers are promised access to data that will aid them in "bet discovery," which RotoQL founder and CEO Justin Park says provides guidance to the value on the betting board, but is not about selling specific picks. The service will be free through the Summer months before a pay wall is positioned to restrict access to only those with a subscription.
"Data and analytics ultimately help educate the sports betting market," says Park. "Operators are most concerned building a strong middle class economy -- players that are able to make their bankroll last over a long period of time. These customers may be slightly up or slightly down but overall, they are getting high entertainment value from sportsbooks. Data and analytics are an extremely important way to increase the average aptitude of sports bettors, ultimately helping the new or novice player to be more savvy so they can join the middle class."
Park says that a primary competitor for his new project is Chernin Group's Action Network, a subscription-based sports analytics and media company that includes FantasyLabs, Sports Insights and SportsAction and sells access to sports data and analytics aimed at people who bet on sports. The differentiating factor is that BetQL believes it is much simpler to use and targets a more casual bettor.
"We want to target entry level users to legal betting as well as provide a useful tool for seasoned folks around picks," says Park. "The best case for a U.S. regulated sports betting market by 2023 would be a total of thirty-two states offering regulated sports betting, which may result in a market worth $6.03 billion in annual revenue according to a new report from boutique research firm Eilers & Krejcik Gaming."