This week: Rei do Pitaco raises $18M in growth funding from PvX Partners

Rei do Pitaco raises $18M in growth funding from PvX Partners

The news: Brazilian fantasy sports and betting operator Rei do Pitaco has secured $18M in non-dilutive growth funding from PvX Partners to accelerate user acquisition and marketing across Brazil. Founded in 2019 by Kiko Augusto and Rafael Lasserre, Rei do Pitaco was among the first operators licensed under Brazil’s new betting regulations earlier this year. The deal also marks PvX’s first investment in Latin America, following prior gaming investments in Midnite (UK) and Dabble (Australia).

Zoom in: PvX’s model gives Rei do Pitaco access to growth capital without giving up equity. Structured as a co-investment in marketing, PvX shares in revenue from newly acquired users up to a defined cap—after which all lifetime value remains with Rei do Pitaco. For CEO Kiko Augusto, the deal validates the company’s “radical discipline” thesis: that efficiency, not scale at any cost, wins in a crowded market. “In a market dominated by giants with inflated costs, radical discipline beats pure capital,” he said on LinkedIn. 

Why it matters: The deal adds to a wave of specialized, non-dilutive funding instruments that have quickly formalized into a defining trend across the real-money gaming sector in recent months. Investment firm Sharp Alpha closed a $150M user acquisition fund last week, following the summer launch of Discerning Capital’s multi-million dollar House Advantage Fund (partnered with PvX for underwriting). That supply is being met with rising demand from operators looking to fund growth without sacrificing ownership, including Midnite, which secured a $100M credit facility from Discerning Cap earlier this month. Together, they signal a growing ecosystem of structured growth capital tailored to operators—whether through cohort-based, credit, or revenue-share models.

Xtremepush secures $14M financing to scale acquisition strategy, regulated market expansion

The news: Dublin-based Xtremepush has raised approximately $14M (€12M) in new funding from its long-time investment partner AshGrove Capital. The flexible debt facility will support the company’s next phase of growth and acquisitions, while expanding its presence in regulated verticals including financial services, e-commerce, publishing, and gaming. The deal extends a five-year partnership between the two firms and follows earlier backing from Grafton Capital and Bettor Capital.

Zoom in: Xtremepush provides a unified CRM and gamification platform that helps regulated businesses personalize and automate customer engagement. The new facility will fund continued R&D investment, international expansion, and targeted M&A. CEO Tommy Kearns said the financing will “accelerate our acquisition plans in the very near future” and reflects “a major vote of confidence in our technology, leadership, and direction.” AshGrove co-founder Jonathon Ferguson said the company’s growth and long-term client retention highlight its ability to “deliver compliant, tailored communications at scale.”

Why it matters: The lines between CRM, marketing automation, and gamification are blurring fast as companies look to unify data, engagement, and personalization in one stack. Xtremepush’s model reflects how regulated businesses are consolidating these tools under one roof to connect user data, engagement, and retention more seamlessly—turning compliance from a constraint into a growth driver and transforming customer communication into a competitive edge.

The news: BettingStartups is hiring a Head of Podcast Operations to take full ownership of its growing podcast studio. It’s a 3-month contract to start, with the chance to scale into a long-term role. Full job description here.

Why it matters: We’re running three active weekly shows with more on the way, and we need someone who can turn our production function into a scalable machine. If you’ve built multi-show pipelines before, know what “great” looks like in podcasting, and thrive on process, this is your stage. You’ll own the systems, workflows, and team behind the mic—and help shape the leading voices within the real-money gaming ecosystem. If that sounds like you, apply here!

ProphetX releases parlay product for its sports prediction market platform

The news: ProphetX has launched the world’s first multi-sport, commission-free RFQ Parlay System, bringing institutional trading mechanics to sports prediction markets. When users build a parlay, it triggers a Request-for-Quote (RFQ)—a process used in global financial markets where multiple counterparties compete in real time to offer the best odds. ProphetX doesn’t take house risk or commission, enabling a parlay product where prices are set by the market itself, not the sportsbook. The product is currently in open beta as the platform onboards more users, liquidity, and counterparties.

Zoom in: The RFQ model is core to how the system works: each parlay request is broadcast to ProphetX’s network of counterparties, who bid to offer the best price. ProphetX simply facilitates the trade—matching the best offer, clearing settlement, and staying neutral throughout. “Building our RFQ engine was the most difficult product we’ve built to date, by far,” ProphetX co-founder Jake Benzaquen told BettingStartups. Historically, exchanges have focused on single-leg outcomes, while sportsbooks dominated multi-leg bets like parlays and teasers—products which generate substantially higher hold for operators. “That changes today,” ProphetX co-founder and CEO Dean Sisun said on LinkedIn. “Our mission is to make books obsolete, and RFQ parlays are the frontier to complete this mission.”

Why it matters: Prediction markets are having a moment—and parlays are the missing piece. Multi-leg wagers are the most popular (and profitable) bets on the board, but have long been out of reach for exchanges and prediction markets. Benzaquen said the company expects parlays to grow from a small share of matched volume today to 30–40% of total activity within 12–18 months as liquidity deepens. It’s a competitive leap that helps bring prediction markets closer to product parity with sportsbooks, and pushes the industry one step closer to a market without middlemen.

News, money, and alpha

• PrizePicks is returning to New York after acquiring an interactive fantasy sports operating license—the company will launch its peer-to-peer offering in the Empire State in the coming weeks.

• Underdog is building toward an “AI-native future,” Director of Strategic Initiatives Nirali Shah detailed in a blog post.

• Kalshi raised $300M at a $5B valuation late last week with plans to launch its product in over 140 countries.

From the studio

Catch up on the latest episodes of The BettingStartups Podcast.

• Fantasy football puzzles for the masses w/ Brian Birt from Griddy

• Bringing gamified avatars to iGaming w/ Tom Lemke of Savage Tech

• Tracking over $10 billion in verified bets w/ Pranav Tadikonda from Pikkit

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Are you a startup in real-money gaming looking to announce a new product launch, partnership, or funding round? Get it on our radar! Email: [email protected]