SeventySix Capital announced Tuesday that it led a strategic investment in on-demand video game wagering platform Challenger.
Other named investors announced Tuesday include Acies Acquisitions, a special purpose acquisition company led by former MGM CEO Jim Murren, and Revel Partners.
Challenger offers casual gamers the option to wager with real money in their favorite video games. The San Diego-based company’s goal is to create a secure and trusted environment for gamers of all skill levels to compete for real money in esports.
“The mass market of video game players still have no option to participate in skill-based contests at scale,” said Challenger CEO and Founder Chris Slovak in a statement. “In North America and Europe alone, there are more than 300 million gamers over the age of 18 who play regularly and have no solution to complement their gaming experience with cash-based contests. Challenger was launched to overcome this problem.”
Challenger’s technology automatically monitors gameplay and translates video into data used for contest outcomes and behavioral insights. The company’s AI technology enhances video gaming experiences with cash contests, and can support any game through a proprietary mix of deep and machine learning methodologies.
Challenger will expand support to Xbox and PlayStation consoles, along with introducing its skill-based contests to multiple new game titles.
“Challenger autonomously supports cash contests on esports,” said SeventySix Capital Managing Partner Wayne Kimmel in a statement. “The company, led by Chris Slovak and Chris Andres, is positioned to have the most unique and expansive dataset on gamer behaviors, as it expands to cross-platform, cross-game, and cross-studio esports wagering.”
Technology venture capital firm SeventySix Capital focuses on esports, sports betting, and sports technology companies.
