Sports betting media platform, Betsperts, raised more than $1 million in funding to grow the company. As sports betting starts to come back into demand, Betsperts felt the need to get a second round of funding to keep growing the brand.
The funding was led by Velo Capital Partners and also saw fundraising from Bettor Capital and Numeria Capital. Bettor Capital is led by Dave VanEgmond, who worked at FanDuel and later at Barstool Sports during the deal with Penn National.
The Chicago-based media company is looking to accelerate growth thanks to sports betting becoming more popular than ever. Betsperts sees the most usage during football season, so raising extra funding during the fall was a strategic move.
Who is Betsperts?
Betsperts was founded in 2019 by Reid Rooney, who had an idea for a crowd-sourced social media site to talk about sports betting between experts and beginners.
“What started as an idea to connect the casual fan with the credible expert bettor has developed into the largest crowdsourced social platform for the massively growing sports betting community,” said CEO Reid Rooney.
Betsperts also allows users to track picks and view other users’ picks. The idea is that once a pick is submitted, it cannot be deleted out of the system, which creates the most transparent betting platform in the market. This allows users to view how experts are doing to see if their picks and analysis are worth following. Bettors can even search how each person does per sport to know who to follow during which season.
On social media, anyone can tout picks and records without ever showing the true results. Betsperts eliminates the secrecy making sure that users know what an expert’s record is.
Can Betsperts Business Platform Succeed?
Since launching in early 2019, Betsperts has grown exponentially in size. Earlier this year, the company launched a new platform allowing bettors to sell picks on the site. Selling picks a subscription fee, which brings in revenue along with sell ad space and affiliate marketing.
Betsperts has also brought on popular ESPN and Barstool Sports personalities to help drive traffic to the site. If popular names in the betting industry are using Betsperts to rack picks, more people will also look to track picks and follow experts who have a winning track record.
So far, Betsperts has seen a ton of success and has also had two successful fundraising rounds to help generate growth moving forward. The NFL and college football season has also helped drive traffic, as football is the most popular sport to bet in the U.S.
Betsperts should see continual growth over the coming years. What stands out between Betsperts and other pick tracking sites like Action Network is that users cannot delete picks once they are in. No one can fudge numbers and lie about how well they are doing.
The Betsperts feed allows anyone to write on the forum and open a discussion about bets, angles, games, or whatever else they want to talk about. This should allow Betsperts to stand out compared to any other competitor.