Wednesday, Esports betting company Oddin.gg announced it has raised $4.5 million from a Series A financing round. The Czech-based provider of esports betting services stated that the funding is from current investors, as well as new investors Genting Ventures and Velo Partners.
“First of all, we want to thank our clients and partners who share our vision and who have made our growth possible,” said Oddin.gg Co-Founder and CEO Vlastimil Venclik in a statement. “At the same time, we feel fortunate to work with our investors and to see this investment helping us to scale. This round will help us to continue enjoying our exponential growth and development of new services that will cement our position as a leader in the industry.”
The funds will be used to strengthen Oddin.gg’s position as a global esports B2B betting provider, and to expand to new verticals. Oddin.gg offers data visualizations, marketing, odds feed, risk management, and a service that the company calls “iFrame”.
The company also has signed B2C deals with Betway, Yolo group (sportsbet.io and bitcasino.io brands) and Loot.bet, plus B2B deals with OpenBet, Aspire Global and Altenar. In April 2022, Oddin.gg began operating in New Jersey, and has applications for licenses in other states as well as Ontario, Canada.
A statement issued by Genting Ventures, the corporate venture arm of Malaysian hospitality company Genting Group, referred to Oddin.gg’s technology as “class-leading metrics for esports betting. From an industry standpoint, we see the dynamic potential of esports, and identify Oddin.gg as a key player offering top-tier data and service for its partners in the competitive gaming space.”
Velo Partners, a U.K.-based investment firm that focuses on the gaming industry, said in a statement it was “impressed with Oddin’s best-in-market esports odds products, as well as their broader strategy of building an esports ecosystem to service all of their customers’ esports needs. We look forward to being a part of this compelling growth story in the coming years.”
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