Gambling in the USA
Pioneering VC Fund Targeting Legal U.S. Sports Betting Opportunity
Gambling industry veterans bring funding, expertise to wave of new sports betting startups through newly formed Sports Gaming Investment Fund (SGIF)
The market for sports betting in the U.S. is expanding at an unprecedented pace following a 2018 Supreme Court decision that allowed all states to legalize sportsbooks. A wave of innovative startups is emerging with products, services, and solutions designed to tap the estimated $17 billion dollar opportunity that legal U.S. sports betting represents.
Discovering, funding, and guiding the development of the best of those startups is the goal of the Sports Gaming Investment Fund (SGIF), a pioneering VC fund focused primarily on the U.S. legal sports betting industry.
Management for this industry-first fund features a host of gambling industry, investment, and venture expertise:
- Chris Grove, Managing Partner: Grove is a partner at Eilers & Krejcik Gaming, heading the firm’s sports betting practice.
- David Sargeant, Managing Partner: Sargeant is the founder and CEO of iGaming Ideas, a leading international incubator for gambling startups, and sports betting consultant.
- Blaine Graboyes, Advisory Partner: Graboyes is the co-founder and CEO of the groundbreaking gambling machine developer GameCo.
- Seth Schorr, Advisory Partner: Schorr is the Chairman of Fifth Street Gaming and co-founder of the streaming media startup Konek TV.
- SeventySix Capital, Advisory Partner: SeventySix brings decades of fund management to the SGIF team and will assist with deal structure, vetting, and back office.
“There’s no doubt that the keys to fully unlocking the potential of the U.S. sports betting market are in the hands of startups,” said Grove, a nationally recognized expert on the legal sportsbook industry. “We’re just now starting to see the ideas that will ultimately define sports betting in the United States.”
“The pace of development in the U.S. market only increases the opportunity for startups,” added Sargeant, who has evaluated hundreds of early-stage companies during his career. “Large casinos and software providers won’t have the bandwidth or resources to truly innovate. They’re too busy simply getting up and running.”
Investors in SGIF have been attracted to the combination of timing, team, and opportunity.
“My decision to invest in SGIF was driven by my belief in the team’s superior deal flow, their proven ability to evaluate that flow, and the resources they can deploy to support portfolio companies,” said Jeremy Levine, an investor in SGIF. Levine is the founder of multiple companies, including DRAFT, which was acquired by PaddyPower Betfair in 2017.
For startups, SGIF will play an invaluable role in guiding them through the regulated gambling landscape.
“Gambling is one of the toughest industries for startups from a compliance perspective,” noted Graboyes, who has steered GameCo from concept to a heavily licensed gambling supplier. “Having the right plan as early as possible in the process can easily be the difference between success and failure for a startup targeting the sports betting industry.”
SGIF will add additional value to portfolio companies by helping to ensure optimal product fit and market access.
“Startups don’t always appreciate what problems larger gambling companies are actually attempting to solve and what opportunities do and don’t resonate with those companies,” said Schorr, who has held management roles at several Las Vegas casinos and currently operates the Downtown Grand in Las Vegas. “We will help our startups hone their product, model, and approach to fit with the real demand within the gambling industry, and then match a startup’s product to that demand.”
For more information, visit www.SGIF.vc.
About SGIF
Sports Gaming Investment Fund (SGIF) is a VC fund focused on startups that support the emerging U.S. market for legal sports betting.
Source: SGIF
Compliance Updates
Arizona Department of Gaming Releases October Sports Betting Figures
Bettors in Arizona wagered approximately $791 million on sports in October of 2024, according to a new report by the Arizona Department of Gaming. This represents an approximate 22% increase when compared to October of 2023.
The state collected approximately $2.35 million in privilege fees in the month.
Gambling in the USA
Neosurf & Betting Hero to reveal results of their in-depth study into US online gambling and payment habits in exclusive two-part webinar series
Neosurf, the globally trusted provider of swift and secure cash-to-digital payment solutions, has announced it will be sharing the findings of a recent study into the online betting habits, preferences and frustrations of US players in an exclusive two-part webinar series beginning on January 14th.
Neosurf commissioned the research via Betting Hero – a leading US-based iGaming portal with expertise in casino, sports betting and DFS. The webinars will see Neosurf CEO Americas, Sue Page, Betting Hero’s Co-Founder and President, Jai Maw, and Senior Director of Product and Research, Ernie Ropas, dive into the report’s key findings and discuss what some of the more surprising results could mean for operators.
The survey, which featured respondents from New Jersey, Colorado and North Carolina, aimed to help operators and regulators within the gambling industry better understand the typical US bettor – how and why they bet, what tools they use to manage their budget and what Responsible Gaming means to them. The findings will be revealed in the webinars and used to identify areas where Neosurf’s products can help operators provide a better user experience.
The research highlighted several aspects of payments and responsible gaming that bettors felt could be improved. Problems with payments remain an issue – 52% of respondents said that they’d experienced payment issues in the past year, and with over 50% depositing and withdrawing multiple times each month, there is a significant cost impact to the operators.
Additionally, respondents indicated they’d be in favour of using a service that could share pre-verified ID information with operators, with ease of use for new payment methods and seamless integration across multiple platforms identified as important factors in their choosing and remaining loyal to a single sports betting platform.
Sue Page, Neosurf CEO Americas, said: “It was important to us to gain a more detailed insight into the US sports bettor. We wanted to talk to the players and ask questions that no one else is asking, and through our collaboration with Betting Hero I’m delighted that we now have a comprehensive piece of research.
“Offering valuable insights into player habits – how and why they bet, the ongoing pain points they’re experiencing with payments and their thoughts on Responsible Gaming—we’ll be taking a deep dive into the results of the survey in our two-part webinar series starting at 10:00 ET on January 14th, and we encourage all US-focused operators and regulators to join us.”
Gambling in the USA
Saracen Casino Resort Chooses QCI Chatalytics to Enhance Casino Operations with Integrated AI Solutions
Saracen Casino Resort has selected Quick Custom Intelligence’s (QCI) Chatalytics, an integrated AI-driven suite, to revolutionize its casino operations and elevate guest experiences. The QCI Chatalytics solution, which includes Slot Copilot, Player Copilot, Dashboard, and the Robot Button, leverages OpenAI integration to provide real-time insights and streamlined decision-making across the casino floor.
QCI Chatalytics offers a powerful blend of AI-powered tools designed to optimize both player and slot management. With Slot Copilot, operators gain enhanced capabilities for real-time slot performance monitoring, predictive analytics, and dynamic task assignment. Player Copilot delivers personalized player engagement by analyzing customer data to inform service decisions and reward recommendations. The Dashboard component offers an intuitive, real-time display of key metrics, enabling data-driven insights at a glance. Additionally, the innovative Robot Button automates routine processes, allowing staff to focus on higher-value tasks and improve overall efficiency.
Clayton Mason, Senior Director of Marketing of Saracen Casino Resort, expressed enthusiasm about the partnership: “Integrating QCI Chatalytics into our operations marks a significant step in our strategy to harness the power of AI. With advanced tools like the Robot button, Slot Copilot and Player Copilot, we can deliver a more tailored and efficient experience for our guests while gaining deeper insights into our gaming operations.”
Dr. Ralph Thomas, CEO of QCI, shared his vision for the collaboration: “We’re excited to bring the capabilities of QCI Chatalytics to Saracen Casino Resort. By integrating OpenAI technology, our solution provides unprecedented levels of automation and insight. We believe Chatalytics will play a crucial role in optimizing floor operations and enhancing guest satisfaction through real-time, data-driven decision-making.”
The QCI Chatalytics platform is part of Quick Custom Intelligence’s commitment to driving innovation in the gaming industry, offering a comprehensive suite of solutions to streamline operations and enhance the player experience.
-
Latest News7 days ago
Plaza Hotel & Casino offering free stalls to temporarily rehome horses affected by the California wildfires
-
Affiliate Industry7 days ago
MetaBet inks Gentoo Media partnership to enhance flagship sites
-
Compliance Updates6 days ago
INCENTIVE GAMES RECEIVES FULL PAY-TO-PLAY GAMING CERTIFICATION IN BRAZIL
-
Latest News7 days ago
INSPIRED TO LAUNCH 16 SLOT GAMES IN BRAZIL, IGNITING THE iGAMING MARKET IN JANUARY 2025
-
Compliance Updates6 days ago
FBMDS obtains certification to operate in Brazil
-
Latest News7 days ago
PENN Entertainment Announces Partnership with Monumental Sports & Entertainment for Market Access in Washington, D.C.
-
Compliance Updates3 days ago
Digitain Group Products are Certified for Brazil
-
Canada2 days ago
BetConstruct Becomes the First iGaming Company to Offer Both B2B and B2C Licenses in Canada through Affiliate Entity