Boom Entertainment has closed a Series A round of funding backed by Sands Capital, which the company claims will help it expand into real money gambling.
In the next months, the company, which is “poised to make its mark on the real-money casino and sports betting industry,” will launch its first wave of casino games with a select group of partners.
The company’s exclusive sports betting games and product offerings would be made available to partners shortly after that.
Redefine real-money gaming
Stephen Murphy, co-founder and CEO of Boom Entertainment said: “Sports fans and casino players are craving something more – new products and new games that will transform how they consume sports and how they are entertained.
“With this capital infusion, we will redefine what real-money gaming looks like by introducing new ways to bet on sports and new experiences for players.”
Boom Entertainment’s current round was headed by Sands Capital, an investment firm with almost $80 billion in assets under management, including interests in Amazon, Netflix, and Nike.
As shareholders of Entain, which runs BetMGM in a joint venture with MGM Resorts International, and as past shareholders of Las Vegas Sands, the group has prior expertise in real-money gaming.
Entire continuum offering
Scott Frederick, partner at Sands Capital said: “Boom is in an enviable position as the premier provider of technology and games in an industry that is both rapidly expanding and increasingly in need of product differentiation.
“Boom offers the entire continuum, from mass-casual free-to-play gaming products to fantasy sports to online casino and sports betting games. They are the go-to partner for any company looking to maximise their opportunity in this category.”
Defy Partners, Golden Nugget Online Gaming, Rush Street Interactive, TEGNA, Bettor Capital, Velo Capital, Alpha Bridge Ventures, and Heatwave Partners join Sands Capital in this newest round of funding.
Former MGM Resorts International CEO Jim Murren, former International Game Technology CEO Patti Hart, Better Collective CEO Jesper Sogaard, J2 Global CEO Vivek Shah, Acies Acquisition Partners Co-CEOs Edward King and Dan Fetters, Proskauer partner Robert Freeman, Eilers & Krejcik partner Chris Grove, and former ESPN SVP Sean Bratches were among those in attendance.