The Sports Gambling Investment Fund, a fresh venture capital company, has announced the creation of its first fund devoted to finding, financing and directing the growth of the finest start-ups in the casino industry.
Stressing the main concentrate on the opportunities provided by the US sports betting scene, SGIF aims to address start-ups that promote the emerging market worldwide.
This step arises as the company points out that US games gambling is growing at an extraordinary rate despite last year’s Supreme Court ruling, as a stream of start-ups arise to plug into the approximately $17 billion chance.
SGIF is intended to assist direct start-ups through the complicated landscape of controlled gambling and to add extra importance to portfolio companies by assisting to guarantee optimum customer fit and market access.
David Sargeant, who forms part of the executive team for the group as managing partner, explained: “The pace of development in the US market only increases the opportunity for startups. Large casinos and software providers won’t have the bandwidth or resources to truly innovate. They’re too busy simply getting up and running.”
The remainder of the leadership group consists of Chris Grove, partner at Eilers & Krejcik Gaming, who is also a managing partner, Blaine Graboyes, co-founderand CEO of GameCo, who becomes an advisory partner alongside Seth Schorr, chairman of Fifth Street Gaming and co-founder of the streaming entertainment company Konek TV.
In addition, SeventySix Capital also serves as an advisory partner to help with the framework, vetting and back office of the agreement.
“There’s no doubt that the keys to fully unlocking the potential of the US sports betting market are in the hands of startups,” commented Grove. “We’re just now starting to see the ideas that will ultimately define sports betting in the United States.”
“My decision to invest in SGIF was driven by my belief in the team’s superior deal flow, their proven ability to evaluate that flow, and the resources they can deploy to support portfolio companies,” added Jeremy Levine, an investor in SGIF and founder of multiple companies, including Draft, which was acquired by PaddyPower Betfair in 2017.