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Bullpen Capital backs EQL Games as digital lottery segment heats up

The news: EQL Games has secured an undisclosed investment from venture capital and private equity firm Bullpen Capital. The deal backs EQL’s mission to modernize the $100B U.S. lottery market by serving as the connective layer between state-run lotteries and next-gen game studios—and in many cases, helping legacy operators engage “an increasingly digital consumer base.”

Zoom in: The iLottery market has surged more than 6x since 2019, topping $13B in sales this year, according to both companies. EQL is capitalizing on that shift by aggregating digital-first content like puzzle titles, tapper games, and licensed IP from brands such as Team USA and U.S. Soccer. The company already powers games for Michigan, Virginia, and D.C. lotteries, with international expansions underway in the UAE and Peru. As for Bullpen Capital, the VC is hoping to replicate its success with Jackpocket, the mobile lottery app it backed in 2016 that was acquired by DraftKings for $750M last year. 

Why it matters: Lotteries remain one of the most popular segments of the real-money gaming industry, but they’ve lagged behind other forms of online entertainment in innovation. Bullpen’s bet on EQL signals growing investor appetite for digital lottery infrastructure, and an area where new content formats and better user experience could help states capture younger audiences and unlock expanded revenue streams. 

Meet the five startups pitching at SBC Lisbon 2025

The news: First Pitch is back at SBC Summit Lisbon next month with five founders from five different countries—each will get three minutes on stage to convince judges they’re solving some of the industry’s biggest challenges. BettingStartups sat down with each of the five finalists ahead of their live pitch in Lisbon to hear more about their products, vision, and what they hope to prove on stage.

Zoom in: This year’s finalists span a wide spectrum, including ChatBet AI, which lets operators take bets directly inside messaging apps like WhatsApp and Telegram. Co-founder Josh Swerdlow says early pilots showed major lifts in turnover and retention, adding that “web betting is dead” as players shift to messaging-first experiences. Nandemo Draft is taking a different approach, building the country’s leading social sports prediction platform in Japan, a market co-founder Keigo Namiki expects will be worth $100B in the not-so-distant future. Meanwhile, LiveDuel is building a decentralized sports prediction market onchain, BetPass is turning affiliates into full-fledged networks, and AIstats is applying advanced metrics to football data.

Why it matters: Together, these startups showcase just how many fresh angles there are to rethinking real-money gaming. It’s a good reminder that First Pitch is much more than a piece of conference programming—it’s a rare look into the big ideas poised to reshape the industry. Lisbon 2025 will put five very different models of the industry’s future under one spotlight, and the judges will try to determine which ones stick.

Listen to the full podcast on YouTube, Spotify, and Apple Podcasts.

Sponsored by Flutter Alpha Hub

The news: Flutter is seeking cutting-edge startups positioned to disrupt the affiliate ecosystem through social betting, tool-based integrations, and gamified experiences for its Affiliate Draft 2025. Finalists will travel to Dublin in October to pitch their big idea in-person. This is run through Alpha Hub, Flutter’s startup partnership program.

Why it matters: Through collaboration with partners like BettingStartups, Bettor Capital, and more, Flutter’s Affiliate Draft is designed to give startups an accelerated path to scale with the world's leading online sports betting and gaming company. Selected teams get direct access and mentorship from Flutter’s affiliate and product leaders, real-world testing across multiple brands, and a shot at exclusive commercial partnerships—for startups, it’s the opportunity of a lifetime. Applications are free, and close on August 30—apply now.

News, money, and alpha

• Skill games startup THNDR’s pvp real-money games are now available on social betting platform Kutt.

• Betr launched Betr Arcade, its skill games product now live in 29 states.

• After going through Sportradar’s Futures Hub Accelerator, mobile fantasy app Monster League teased the launch of its beta in two weeks. 

From the studio

Catch up on the latest episodes of The BettingStartups Podcast.

• SBC Summit First Pitch Preview 

• Scaling through a multi-brand rollup strategy w/ Reid Rooney from Betsperts Group

• The odds feed opportunity w/ Rick Allec from OddsLogic

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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]