Press Releases
Sports Betting Startup Secures $5m Series A Funding
Cipher Sports Technology Group is pleased to announce the closing of a $5m Series A funding round which will accelerate its growth into the rapidly expanding legal US sports betting market.
The company’s advanced predictive analytics technology, along with its flagship consumer brand Dimers.com and an expansive suite of B2B products, saw it nominated for the prestigious Sports Affiliate of the Year Award at SBC Summit North America, placing Cipher STG firmly on the radar of a number of investment groups and venture capital funds in recent months.
However, after a thorough due-diligence process, Cipher STG is delighted to announce that Australia-based and privately owned investment group, Cygnet Capital, will lead its $5m Series A.
Chief Executive Officer, Adam Fiske, was understandably delighted to welcome Cygnet Capital to the table, saying; “Closing our Series A, with a partner such as Cygnet Capital leading the round, is an incredible milestone for us and we’re absolutely thrilled.”
Cipher Sports Technology Group has been rapidly making inroads into the lucrative North American market since launching Dimers.com in mid-2020. Co-founded by Fiske and fellow Australians Katie Prowd, Darryl Woodford and Nick Slade, the group now has offices in both New York City and Melbourne, Australia.
“From the first conversation we had with Cygnet Capital, to where we find ourselves today, it’s been really clear that we are completely aligned when it comes to our collective view on the size of the opportunity in the US,” Fiske added.
Cygnet Capital provides a unique approach to capital outside of the traditional, and often rigid, VC structure, meaning it can invest over multiple rounds as a company either stays private or goes public.
“The team at Cipher Sports Technology Group has really impressed us the whole way through this process and we’re thrilled to be involved in such an exciting company with major international ambitions,” Cygnet Capital Co-Founder Johnathan Rosham said.
“In the current environment, industry sectors that exhibit high growth and profit margins will be at a premium. We believe that the broader wagering sectors, and specifically the US, will provide an opportunity to leverage and expose our capital to above average growth in a challenging and volatile global investment environment.”
Mr. Rosham, a prominent participant in the Australian thoroughbred horse racing industry, is a part-owner of Verry Elleegant, winner of Australia’s most famous horse race – the $8m Melbourne Cup – in 2021.
Cygnet Capital has made several other investments in the global wagering industry and is excited by the burgeoning opportunity that legal online sports betting presents in America.
“It’s quite remarkable to think that a market the size of North America has only just embraced online sports betting, something the European and Australian markets have had access to for over 20 years now,” Mr. Rosham added.
“The Cipher team has a great deal of experience and expertise that will undoubtedly set them apart as they continue to grow their business in the US.
“Cipher is now well positioned to make a significant impact in the US and we’ve no doubt their brand-and-technology-first approach will prove invaluable as they further accelerate what has already been a very impressive penetration into the North American market.
“We see a strong scenario where they grow their revenue base from several million dollars this year, to tens-of-millions of dollars in the next two to three years,” Mr Rosham said.
Through its flagship US consumer brand Dimers.com, its best-in-class proprietary technology and a unique approach to B2B services, Cipher Sports Technology Group is a company worth keeping an eye on.
Aposta Ganha, the fastest growing Brazilian sports betting and casino site in Brazil, has launched its Black Friday promotion with its newest ambassador Luva de Pedreiro, AKA Bricklayer’s Glove.
With over 21 million followers on Instagram, the digital influencer and social media phenomenon will strengthen the brand’s presence in the market and shake up Black Friday with a campaign full of special offers for bettors.
Known for his catchphrase “Receeeeba!” and his irreverent personality, Luva de Pedreiro will be the main face of the campaign, creating a direct connection with the public, football fans and social media enthusiasts. The partnership aims to increase Aposta Ganha’s visibility in the market, attract new bettors and offer an even more dynamic experience.
Aposta Ganha is taking advantage of Black Friday to reinforce its commitment to ethical and transparent operations in the market. The platform complies with the new regulations of the Federal Government and invests in education and awareness initiatives, ensuring a safe experience for its users. Vitor Paulin, Chief Marketing and Growth Officer at Aposta Ganha, said: “Signing an ambassador like Luva de Pedreiro is a huge milestone for Aposta Ganha. His authenticity and connection with the public make him the ideal partner to boost our brand and make the betting experience even more exciting.”
Aposta Ganha’s Black Friday brings unmissable offers for all types of bettors. One highlight is that bettors will receive 10% cashback on the amount lost in the Aviatrix game and daily offers for sports betting. The promotions will be valid from November 21 to 30, with exclusive advantages in selected games each day.
Latest News
MAJOR LEAGUE BASEBALL SELECTS SPORTRADAR TO TRANSFORM PLAYER TALENT SCOUTING FOR ALL 30 CLUBS
Sportradar today announced a multiyear agreement with Major League Baseball (MLB) to offer unparalleled sports performance analysis of amateur baseball prospects, through its Synergy Coaching and Scouting solution, to the league and its 30 Clubs. This new partnership will revolutionize player talent scouting through Sportradar’s advanced, proprietary technology and highlights Sportradar’s commitment to delivering innovative and game-changing solutions to the league.
Under the agreement, MLB and its 30 Clubs will gain access to an unprecedented depth of player analysis and insights with event coverage expanding significantly, from 3,300 to more than 20,000 games – an over 600% increase. This includes college, international, professional partner leagues and leading amateur leagues, such as the MLB Draft League, the Appalachian League and MLB Develops events, and, for the first time, top high school events.
The Synergy Coaching and Scouting solution is uniquely positioned to address the player evaluation needs of MLB as it leverages Sportradar’s expertise ingesting and transforming millions of data points from video into detailed metrics, actionable insights and dynamic visualizations. This, combined with Sportradar’s AI-powered sports performance technology, enables Synergy to provide unparalleled, in-depth analysis of every player, play and game situation, and equips MLB and Club scouts with the information and insights they need to streamline the evaluation process, guide draft decisions and support the development of future MLB players.
“Sportradar’s cutting-edge technology, alongside our reputation as a trusted partner to leading US sports leagues, is driving the transformation of sports performance analysis,” said Eduard Blonk, Chief Commercial Officer, Sportradar. “Through Synergy we are pleased that we are expanding our relationship with MLB, equipping them with the deep data and insights they need to identify the next generation of players. We are eager to continue bringing innovative solutions to MLB.”
“We are excited to expand our relationship with Sportradar and ensure equal access to the Synergy video and data services for all 30 MLB Clubs. This platform has become a key resource for Clubs in the domestic and international scouting process and we look forward to continuing our work with Sportradar in the coming years,” said John D’Angelo, MLB’s Sr. Vice President of Amateur and Medical Operations.
Financial reports
Commercial Gaming Revenue Growth Continues in Q3 2024, Driving Industry’s 15th Consecutive Quarter of Growth
U.S. commercial gaming revenue reached $17.71 billion in Q3 2024, the industry’s highest-grossing Q3 on record, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker. This makes Q3 2024 the industry’s 15th consecutive quarter of annual revenue growth, with September marking the 43rd straight month of rising year-over-year commercial gaming revenue.
Through the first nine months of the year, nationwide commercial gaming revenue stands at $53.24 billion, pacing 8.0 percent ahead of 2023 and putting the industry on track for a fourth straight record revenue year.
In Q3 2024, 29 of the 35 commercial gaming jurisdictions operational last year saw increased year-over-year revenue. This growth resulted in an 8.9 percent year-over-year increase in state and local taxes tied directly to gaming revenue, with commercial gaming operators contributing $3.79 billion in taxes across the quarter.
Quarterly revenue from land-based gaming – encompassing casino slots, table games and retail sports betting – totaled $12.56 billion, 0.62 percent lower than Q3 2023. Meanwhile, combined revenue from online sports betting and iGaming totaled $5.14 billion in Q3 2024 as online gaming made up 29.0 percent of commercial gaming revenue, a significantly higher share than in Q3 2023.
Looking at each sector in Q3 2024:
- Traditional Gaming: Traditional brick-and-mortar casino gaming generated quarterly revenue of $12.38 billion, a contraction of 0.9 percent year-over-year.
- Legal Sports Betting: Americans legally wagered $30.3 billion on sports, generating $3.24 billion in quarterly revenue (+42.4% YoY). Recent market launches in Kentucky, Maine, North Carolina and Vermont contributed to this growth.
- iGaming: iGaming generated $2.08 billion in revenue, marking a 30.3 percent year-over-year increase.
“Q3 2024 continued gaming’s momentum from the first half of the year, with online casino and sports betting driving strong growth. At the same time, new brick-and-mortar casino openings bolstered traditional gaming, which still accounts for the bulk of industry revenue,” said AGA Vice President of Research David Forman. “More than a quarter of commercial revenue now regularly comes from online sources, raising the importance of continued sustainable growth with consumers in those states.”
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