Week 29, 2023

What's what this week in the betting industry's early-stage ecosystem

Author

Betting Startups
July 24, 2023

Why hello again!

Despite it being the most lackluster few weeks of the year on the sporting calendar, there are still no signs of a summer slowdown in the early-stage corner of the betting industry.

Here’s what went down last week.. ⤵️

📰 Headline news

  • The big news: Entain acquires pricing technology company Angstrom Sports for up to $266m. (Link)

  • Pricing & trading provider Huddle receives Sports Gambling Supplier license in Ohio. (Link)

  • Incentive Games launches new free-to-play casino game for bet365. (Link)

  • Sharplink Gaming launches betting content and recommendation engine powered by generative AI. (Link)

  • Prophet Exchange announced that it plans to launch a betting API, paving the way for automated betting. As far as we can tell, they will be the first US-based operator to do this. (Link)

We asked Prophet Exchange co-founder Jake Benzaquen to tell us a bit more about their forthcoming Betting API:

The Prophet Exchange Betting API allows you to build customized betting tools, interfaces and strategies to automatically bet on Prophet Exchange w/o using the website or app.

Users will also be able to place and manage their bets automatically, along with checking wallet balances and overall positions.

The bets placed are no different than ones placed through the front end of the website, but this would allow users to use their own software or program(s) to do so.

The API will lead to more liquidity, more sports, markets, & of course, better odds for all users on the platform.

Jake Benzaquen co-founder Prophet Exchange

Are you an industry startup with news to share? Send us your PR for inclusion here.

💬 Ink & airwaves

The best of what we read and listened to this week:

  • 🎙️ The Establish The Run podcast released a one-on-one discussion with Underdog Fantasy founder Jeremy Levine, who discusses his attempt to build a billion-dollar business. Listen now (38:48): Apple Podcasts | Spotify

  • 📚 Drive by DraftKings recently held its 2nd annual meeting in Boston, and subsequently published its current outlook on the market landscape. (Link)

  • 📚 GRID esports CEO Moritz Maurer published a retrospective on GRID’s 5-year anniversary this month: “Celebrating 5 years of unlocking the potential of in-game data”. (Link)

  • 📚 iGaming NEXT gives us 5 investment hot takes from the Investor Vibe Check podcast episode. (Link)

  • 📚 Flutter Entertainment launches program for startups to tackle ESG challenges. (Link)

Are you reading (or writing) something that you think belongs here? Hit reply and send it to us for inclusion

🔍 Featured founder

Based down under, he and his team are bringing same-game parlay innovation to operators around the globe. This week’s Featured Founder is Steve Gray, founder & CEO of ZeroFlucs.

How ZeroFlucs is innovating in the space
The company specializes in providing same-game parlay options for sportsbook operators. “What sets us apart is our ability to create bespoke same-game offerings tailored to individual operators; while other providers offer a single set of same game prices to the entire industry, we take into account your spreads, totals, and markets to drive our simulations and create unique same game parlays for your sportsbook.”

Bootstrapping until external capital makes sense
Steve made the conscious decision to bootstrap ZeroFlucs from the start, which allowed him to maintain full control and make decisions without external influences. Now with revenue and customer metrics looking strong, he continues to evaluate the possibility of raising growth capital from VCs - though notes it has to be on the right terms.

On the importance of mentorship
Steve believes that having a mentor who cuts to the essence of what you're trying to achieve is critical. It goes beyond surrounding yourself with yes-men; it's about finding someone who challenges you and pushes you to grow. Constructive criticism is essential for developing yourself as a leader, so seek out mentors and advisors who will provide honest feedback and help you reach your full potential.

Building culture as a distributed team
Establishing and maintaining a strong culture is challenging, especially in a distributed team like ZeroFlucs has. As Steve puts it: “you can't simply email culture or beliefs to people”. That’s why he is so focused on building an edgy, innovative culture that emphasizes getting things done. It's not just about work; it's about enjoying the process and believing in the product.

Hear Steve tell his full story Ep. 74 of The Betting Startups Podcast:

⚪ Apple Podcasts
🟢 Spotify
🌐 Web

💼 Great gigs

New jobs from leading early-stage companies in the space:

  • 🆕 HotStreak is riding some big momentum, and is now looking for 1-2 additional engineers to join the team. (Link)

  • 🆕 STX, the first licensed betting exchange in Ontario, is looking for its first full-time mobile engineer. (Link)

  • Sports trading services provider Huddle is looking for sports traders in its Nevada office. (Link)

And that’s it for last week’s roundup!

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