VC fundraising for online betting companies
Few generalist VCs will underwrite licensed betting directly. The capital comes from specialist gaming investors, strategic listed operators, PE platforms with licensing infrastructure and a small set of family offices comfortable with the regulatory profile. Activity has concentrated on B2B platform technology, affiliate businesses and operators with multi-jurisdiction licences.
The investor universe is narrow and almost entirely category-specific. Specialist gaming and betting funds, the venture and corp dev arms of listed operators like Flutter, Entain, DraftKings and MGM, PE platforms with US and European licensing infrastructure, and a small group of family offices that can hold regulated assets make up almost all active cheques. Generalist funds usually screen out at the LPA level. Flow has direct relationships across the specialists and listed operator arms.
Flow has experience running VC fundraising processes for online betting companies across sportsbooks, online casino operators, B2B platform and content providers, affiliate and media businesses and fantasy and prediction products. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Online betting" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Active players
Gross gaming revenue
Net gaming revenue
Bonus & free bet cost
Hold percentage
Average revenue per player
Cost per acquisition
Player LTV
Cohort retention
Deposit-to-stake ratio
Payment processing cost
Revenue by jurisdiction
Online betting valuations in May 2026
Public online betting comps trade at 1.6x EV/Revenue. Median revenue multiple across online betting VC rounds was 2.3x in the last 12 months.
1.6x
Median EV/Revenue as of May 2026 for public online betting companies
5.0x
Aristocrat Leisure is the highest valued public online betting company based on EV/Revenue (excluding outliers)
3.4x
Median EV/Revenue across online betting M&A deals in the last 12 months
2.3x
Median EV/Revenue across online betting VC rounds in the last 12 months
Key recent online betting VC rounds
$600M Strategic investment raised by Polymarket was the largest online betting VC round completed in the last six months.
See all online betting VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Mar-26 | Polymarket |  | Polymarket is a New York-based prediction market on the Polygon network using USDC stablecoin. Users trade shares on events like U.S. elections, Oscars, and sports outcomes with settlement via Chainlink oracles. The platform processed over $1 billion in volume during the 2024 election cycle, attracting traders from 150 countries through Ethereum wallets. | ice | $600M | - | Strategic investment | |
Feb-26 | Novig | | Novig is a commission-free sports betting exchange platform enabling high-frequency trading for US bettors. Launched in 2022 and headquartered in New York, it matches users directly to offer better odds than traditional sportsbooks. The platform supports markets in NFL, NBA, MLB, and college sports, with features like automated hedging and real-time liquidity. Novig has secured partnerships with professional bettors and operates under state gaming regulations in Colorado and Indiana. | Edge EquityForerunner+5 | $75M | $500M | Series B | |
Jan-26 | Midnite |  | Midnite is a London-based iGaming platform delivering sports betting, casino games, and esports wagering focused on titles like League of Legends, Valorant, and CS:GO. The in-house sportsbook covers football, NBA, and horse racing with live streaming and cash-out features alongside slots from NetEnt and Evolution live dealers. Midnite targets UK and international markets with mobile-first experiences. | BigBets.vcDiscerning Capital+3 | $35M | - | Series C | |
Mar-26 | Santexpat.fr |  | Santexpat.fr is a Paris-based digital platform founded in 2020 that provides health insurance for French expatriates in over 200 countries. Users compare more than 100 international policies and subscribe online, accessing 24/7 teleconsultations with French-speaking physicians. The service caters to global mobility needs with coverage for medical expenses, repatriation, and family plans tailored to expat lifestyles. | Malakoff Humanis | $31M | - | Series B | |
Jan-26 | Z League | | Z League is a skill-based gaming tournament platform open to players of all levels. Headquartered in San Francisco, it hosts daily competitions with cash prizes across mobile titles like PUBG Mobile and Call of Duty, attracting millions of participants. zleague.gg expands into Web3 integrations and community events. | - | $21M | - | Undisclosed stage | |
Jan-26 | BetHog | | BetHog is a cryptocurrency-powered online sportsbook accepting bets on sports events with Bitcoin and other digital assets. The platform operates from Curacao, providing odds on soccer, basketball, esports, and casino games with instant payouts. | - | $10M | - | Undisclosed stage | |
Apr-26 | BetHog | | BetHog is a cryptocurrency-powered online sportsbook accepting bets on sports events with Bitcoin and other digital assets. The platform operates from Curacao, providing odds on soccer, basketball, esports, and casino games with instant payouts. | 6th Man VenturesAdvancit Capital+4 | $10M | - | Series A | |
Dec-25 | Outlier | | Outlier is a sports betting platform enabling users to analyze stats, trends, line movements, and odds comparisons across FanDuel, DraftKings, BetMGM, and Caesars. New York-based, it allows one-click bet execution, catering to casual and data-focused bettors on major US leagues. | Discerning Capital | $5.7M | - | Series A | |
Mar-26 | EDGE Markets | | EDGE Markets is a platform developing tools for responsible sports betting including session timers, spend trackers, and self-exclusion features to promote safer gambling within legal US markets. The suite integrates with sportsbook APIs for real-time risk monitoring and player education modules. Founded in 2022 from Las Vegas, EDGE Markets collaborates with operators like DraftKings on compliance standards. | - | $5.3M | - | Undisclosed stage | |
Dec-25 | worm.wtf | worm.wtf operates as a prediction marketplace built on the Solana blockchain ecosystem. | 6th Man VenturesAdvancit Capital+6 | $4.5M | - | Pre-seed | ||
Dec-25 | Slips | | Slips is a Los Angeles-based peer-to-peer betting platform launched in 2021. Users wager against each other in formats including heads-up matches, pools, tourlays, and AI-generated prediction markets. The platform emphasizes social features for real-time competition across sports and events without house edges. | Andrew SchwartzbergLas Olas Venture Capital+1 | $4.1M | - | Seed | |
Feb-26 | TBD | TBD is a prediction market platform integrating verifiable online polls to forecast outcomes based on collective sentiment analysis. | CMT DigitalJump Crypto+1 | $3.0M | - | Seed | ||
Dec-25 | Space | Space is a Solana-based leveraged prediction market platform that incentivizes accurate forecasting through competitive mechanisms and efficient capital allocation on blockchain. | Arctic DigitalEcho+2 | $3.0M | - | Seed | ||
Feb-26 | PRED |  | Pred is a decentralized platform facilitating peer-to-peer trading of sports event outcomes through an on-chain marketplace. | AccelCoinbase Ventures+4 | $2.5M | - | Seed | |
Apr-26 | SafeBets.world | | SafeBets.world is an AI-powered prediction platform where users forecast markets and earn risk-free rewards. | - | $1.1M | - | Seed |
VC investors active in online betting
Eberg Capital is the most active VC investor across online betting, having invested in 6 startups in the last three years.
See all online betting VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Eberg Capital | | Eberg Capital is an Austin-based venture capital firm targeting seed and Series A investments in B2B SaaS companies. Its portfolio encompasses RunPod for GPU cloud rentals, AgentSync for insurance data management, Skyfire for payments infrastructure, Grow Therapy for mental health access, and Mercury Technologies for government contracting software. The firm applies a family-operated model to source deals, conduct diligence, and support founders in vertical markets such as fintech, healthcare, and government tech. Eberg Capital maintains a hands-on approach to portfolio growth through board seats and operational guidance. | Kero SportsALT Sports DataPro League Network+1 | 6 | Seed | |
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | ValenceNovigStrike+2 | 5 | Pre-seed | |
Coinbase Ventures | | Coinbase Ventures is a San Francisco-based investment arm of Coinbase founded in 2018. The firm targets seed-stage startups in cryptocurrency and blockchain sectors, providing capital to early ventures developing protocols, infrastructure, and applications within the digital asset ecosystem. | PREDLimitless LabsBilly Bets+2 | 4 | Seed | |
Discerning Capital | | Discerning Capital is a venture firm investing in gaming, sports betting, esports, and interactive media startups. It backs early-stage companies at the convergence of gambling technology and entertainment, with portfolio firms operating in the U.S. and Europe. | MidniteOutlierPicklebet | 4 | Series A | |
Bullpen Capital | | Bullpen Capital is a San Francisco-headquartered micro-VC fund investing post-seed checks of $250,000 to $1 million in early-stage B2B software companies overlooked by mainstream investors. Launched in 2010, its portfolio spans 60 companies including Skytap for cloud infrastructure and Waitlist Me for restaurant management. | BetHogEDGE MarketsPredictionStrike+1 | 4 | Seed | |
Collider |  | Collider is a Los Angeles-based digital media outlet covering entertainment news and analysis. Launched in July 2005, it publishes daily articles, reviews, interviews, and podcasts on film, television, and streaming content. Owned by Valnet Inc. since 2017, Collider reaches audiences via its website and social channels with two million followers on platforms like YouTube and Instagram. Coverage spans Hollywood releases, awards seasons, and genre franchises including Marvel and Star Wars. | Limitless LabsTaproot WizardsFhenix+1 | 3 | Seed | |
Advancit Capital | | Advancit Capital is a Los Angeles-based venture capital firm investing in seed and Series A stages of media, entertainment, and technology startups. The fund backs companies like mobile gaming studios and streaming platforms, providing operational support through its network in Hollywood and Silicon Valley. Established in 2007, it manages commitments from family offices and institutions. | BetHogworm.wtfBlockworks+1 | 3 | Pre-seed | |
6th Man Ventures | | 6th Man Ventures is a New York-based early-stage venture capital firm investing in web3 applications and infrastructure. Established in March 2021, it backs blockchain projects with hands-on operational expertise from its team active in the crypto ecosystem. | BetHogworm.wtfKairos Labs | 3 | Pre-seed | |
Gaingels | | Gaingels is a venture syndicate investing in LGBT+ founded companies at all growth stages with a portfolio exceeding 130 firms. San Francisco-headquartered, the group has deployed $70 million in capital and supports diversity hiring for C-suite roles. Gaingels syndicates deals through its 2,000-member network across technology, fintech, and consumer sectors. | NovigCoverdPredictionStrike+2 | 3 | Series A | |
Boston Seed Capital | | Boston Seed Capital is a Boston-based seed investor targeting internet-enabled SaaS, consumer tech, and B2B platforms. Launched in 2010, it has deployed $20 million into 15 companies including Localytics and EverTrue. The fund supports early-stage ventures with follow-on rounds up to Series A. Boston Seed Capital draws from networks in Cambridge's tech ecosystem for mentorship and exits. | Splash SportsRithmmBoomband+1 | 3 | Seed |
Founders and investors we've worked with
We've supported winning builders across online betting and beyond.
Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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GoTrendier
We advised GoTrendier, the leading second-hand fashion marketplace in LatAm (Mexico and Colombia), on its $14m Series B fundraise led by IDB.
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Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Krita
We advised Swiss investor Elysian Fields on its growth investment into Krita, the leading factoring platform in the Icelandic market.
See moreRecent VC fundraising track record
See our VC fundraising experience across online betting and beyond.
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