Five big things from SBC Americas 2025

The news: SBC Summit Americas 2025 wrapped this past week in Fort Lauderdale, Florida with a heady mix of panels, pitches, and hallway dealmaking. 

Here’s a rundown of the key themes and takeaways shaping the conversation right now:

1. Prediction markets headline the event: Prediction markets drew a packed house at SBC Summit Americas, with panelists split on how to define and regulate the emerging category. While legal experts questioned the regulatory footing and intent of these upstarts, industry voices warned that continued inaction could leave regulated operators years behind in both technology and market access. 

2. Innovation outpacing regulation: There’s a growing sense that the real innovation in 2025 isn’t product—it’s positioning. From prediction markets to social peer-to-peer apps, startups are getting creative with legal wrappers and frameworks to navigate around regulation and introduce new, inventive takes on wagering. The common thread: desire to deal with the state-by-state licensing gauntlet and its associated cost structure is low.

3. Retention > acquisition: Startups are starting to push beyond the old CPA playbook, experimenting with affiliate models that prioritize monetizing retention over raw acquisition. The shift—getting paid for incremental betting activity rather than just first-time signups—creates a tighter alignment of incentives between sportsbooks and affiliates.

4. Startups in the spotlight: First Pitch continues to prove its value as a launchpad for emerging startups. In a full-circle moment, 2022 First Pitch winner Kero Sports returned to SBC—this time not as a finalist, but as a featured exhibitor on the main floor, fresh off a $3M Series A raise just two weeks prior. Wager Games took the First Pitch crown last week in Fort Lauderdale—we covered the news here, and recorded a recap with the finalists. 

5. Smarter data: A new wave of companies are emerging with modular data feeds, AI-driven betting insights, and risk tools built for consumer-facing apps. As players like OpticOdds and LSports move to fill gaps left by larger incumbents like Sportradar, leaner companies are positioning themselves at the bottom of the data pyramid—offering faster, more flexible solutions for the long tail of betting products.

Why it matters: SBC Summit arrived at a particularly boisterous time in the industry, with new products and startups launching at a rapid clip. It’s a good reminder why conferences like this matter–to act as a checkpoint for ideas, wade through thorny regulatory conversations, and provide a read on what’s real and what’s noise.

Gaming startups drew $100M in Q1 investments

The news: Investors poured more than $100 million into betting and gaming companies in Q1, per data from Earnings+More. Underdog led the quarter with a $70M Series C raise, bringing its pre-money valuation to $1.23B.

Zoom in: First quarter investment has eclipsed the prior-year period by approximately $40M. It also represents nearly half of the total amount raised last year ($190M) by sector companies. 

Why it matters: The sharp rebound in early-stage funding signals renewed investor confidence in the sector’s long-term upside, particularly in differentiated models like Underdog’s DFS-sportsbook hybrid. With nearly half of last year’s total capital raised in just one quarter, it suggests the capital freeze is beginning to thaw—at least for companies with strong unit economics and consumer traction.

Kero Gaming snares $3M to accelerate business

The news: Micro-betting provider Kero Gaming has raised $3M in Series A funding, led by SIG Sports.

Zoom in: The round comes just months after Kero partnered with Caesars Sportsbook. The capital will be used to scale its algorithm-driven odds feeds across more than 180 sportsbooks globally. SIG Sports also joins Kero’s board as part of the deal.

Why it matters: Micro-betting is one of the fastest-growing segments in sports wagering, and Kero is positioning itself as the infrastructure layer powering that shift. This raise, paired with a major sportsbook integration, signals growing institutional belief that instant, play-level betting could define the next era of in-game engagement.

News, money, and whispers

• BettingStartups soft launched a consultancy arm.

• E2 Communications has acquired QL Gaming Group, expanding its presence in the North American market.

• Sports betting TV advertising units declined by 17% in 2024 compared to the year prior, according to the American Gaming Association.

• Wager Games has joined the Kambi Engage, a third-party supplier ecosystem.

From the studio

Catch up on the latest episodes of The BettingStartups Podcast.

• SBC First Pitch recap w/ the 2025 Finalists

• Alexander Monahan, OddsJam

• Mark Antal, Staked AI

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