Gambling
Picklebet Secures AUD 15 Million in Series A Funding for Expansion
Picklebet, an Australian betting entertainment company, has successfully raised AUD 15 million in a Series A financing round led by Discerning Capital.
An Exciting Boost for Betting Entertainment Company’s Ambitious Growth Plans
Picklebet, a company specializing in sports and esports betting, has recently secured AUD 15 million in a Series A funding round. This substantial investment aims to support the company’s expansion efforts and enhance its offerings as it prepares for growth by 2024.
Discerning Capital, an investment firm based in Nevada is leading the way in this Series A funding round. With a focus on the intersection of gambling, sports, media, and technology, their involvement marks a significant milestone for Picklebet. Media investors such as Drive by DraftKings and Manifest Investment and esports-savvy investor Jeff Sagansky have contributed to this round.
Picklebet’s Evolution from Esports to Racing and Sports
Established in 2020, Picklebet initially made its mark in esports betting. It soon expanded its scope to include racing and traditional sports. The company prides itself on its online betting platform and extends its influence through Pickle Studios—a media brand that offers engaging sports betting content across various social media platforms.
Reflecting a Growing Trend of Major Investments in Esports
Picklebet’s funding round aligns with the ongoing trend of significant investments pouring into the ever-expanding esports industry. Guild Esports, a company based in the UK, recently managed to secure GBP 1 million in funding. They further obtained GBP 130,000 through a subsequent fundraising round. BLAST, an esports tournament organizer, also secured an investment of EUR 12.7 million.
Regarding growth, Nick Heaney, CEO of Picklebet, expressed confidence and positivity. He highlighted a 494% year-on-year increase in Net Gaming Revenue (NGR) and favorable unit economics for new customer groups over the past year. Heaney emphasized that this validates the effectiveness of Picklebet’s in-house betting product and organic media strategy. The CEO is excited about utilizing the secured funds to accelerate customer acquisition efforts within Australia, drive advancements in their proprietary technology platform, enhance their media capabilities, and lay the groundwork for international expansion.
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