Sports betting startups raised over $100 million through venture capitalists in 2023, with over 60% of the investment going into innovative technologies. The widespread adoption of online sports betting and increased legalization of the industry has also contributed to more startups in the market with each company looking to get a share of this multi-billion-dollar business.
Here are four leading innovators in sports betting technology in 2024.
Boom Entertainment:
Founded by Stephen A. Murphy in 2015, Boom Entertainment is developing the next generation of real money and free-to-play sports betting products. This American company works with media companies, professional sports leagues, retail companies, and sportsbooks to achieve various objectives using their proprietary gaming technology. That includes enhancing fan engagement, loyalty programs, digital freemium monetization, and real-money sports betting.
Boom Entertainment has helped operators acquire and retain millions of sports betting users with their intuitive designs and gaming mechanics. Their licensed content and multimedia also increase viewership and digital entertainment for sports leagues and media companies. Additionally, the company offers sophisticated user-level analytics and an integrated affiliate marketing system to generate revenue for their sports betting partners.
FanDuel:
Another American company, FanDuel is among the best gaming platforms on SportyTrader’s rankings, offering sports betting and daily fantasy sports. This sports betting platform dominates the US sports betting market with its incredible player experience, market depth, and competitive odds. The platform also features sophisticated security features and a strong slate of promotions.
For deposits and withdrawals, FanDuel leverages the latest payment technologies to deliver a clear list of banking options. Moreover, FanDuel delivers a flawless sports betting app designed to fit their in-depth information on small screens for added gaming convenience.
Kero Sports:
Kero Sports is a leading micro-betting provider working with over 180 sportsbook operators, major league teams, and broadcasters. The company leverages the latest technologies to understand what makes digital entertainment platforms like Instagram and TikTok successful. Their main ingredient in achieving that is algorithmic curation aimed at maximizing the sports betting experience.
This sports betting startup ingests real-time play data into its proprietary software to get the context required to help brands drive engagement and profitability. The Florida-based company raised $2 million in their latest funding round, with the money expected to help them expand their data science team. Kero Sports will also enhance its sports coverage, adding NCAA basketball and football to its current portfolio which includes MLB, NBA, and NFL.
Genius Sports:
Genius Sports is an industry leader dealing with sports data technology, commercialization, and distribution services. The global leader delivers innovative and data-driven solutions for sports federations and leagues.
With its headquarters in London and operating across over 16 locations globally, Genius Sports is among the fastest sports tech companies in the world. The company has become a trusted tech partner for hundreds of sports organizations including the biggest international federations in the world and professional leagues like EPL and FIBA. Genius Sports also distributed official data for sports bodies like the ATP, WTA, and the La Liga, helping punters make informed bets.
Disclaimer:
CBD:
Qrius does not provide medical advice.
The Narcotic Drugs and Psychotropic Substances Act, 1985 (NDPS Act) outlaws the recreational use of cannabis products in India. CBD oil, manufactured under a license issued by the Drugs and Cosmetics Act, 1940, can be legally used in India for medicinal purposes only with a prescription, subject to specific conditions. Kindly refer to the legalities here.
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Gambling:
As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman, and Sikkim, prohibit gambling. Land-based casinos are legalized in Goa and Daman under the Goa, Daman and Diu Public Gambling Act 1976. In Sikkim, land-based casinos, online gambling, and e-gaming (games of chance) are legalized under the Sikkim Online Gaming (Regulation) Rules 2009. Only some Indian states have legalized online/regular lotteries, subject to state laws. Refer to the legalities here. Horse racing and betting on horse racing, including online betting, is permitted only in licensed premises in select states. Refer to the 1996 Supreme Court judgment for more information.
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