Bettor Capital, an investment platform focused on the real-money online gambling market, has announced the initial closing of its investment fund, the proceeds of which will be used to support its growth plans in North America.
Funds will be put towards early-stage investment opportunities in software and technology facilitating real-money online gambling operations.
Investors included Jake Kleiner, a software and fintech investor who most recently started and led the early-stage investing practise at US Bank and was previously an investment professional at Vista Equity Partners.
“The real money online gaming industry is expanding rapidly across North America as new jurisdictions regulate and open to meet the significant consumer demand we see across sports betting, igaming, ilottery and other verticals,” said David VanEgmond, the industry veteran who founded Bettor Capital.
“We are excited to announce the initial closing of our Fund dedicated to investing in this space. “Our industry network and domain knowledge combined with software investing experience allows us to support entrepreneurs in a compelling and differentiated manner as they grow in this sector.”
In relation to the investment, Bettor Capital formed a group of fund advisors, featuring a number of senior figures from gambling, sports, technology, media, telecom and private equity.
Fund advisors will provide strategic support and operational expertise for the fund, its limited partners and portfolio companies across legal and regulatory compliance, brand and marketing, and strategy executive development.
These fund advisors include Melissa Blau, founder of the iGaming Capital consultancy; Julie Haddon, former senior vice president of global brand and consumer marketing for the National Football League; and Steve Kaplan, co-owner of multiple professional sports teams including Major League Soccer franchise DC United.
Bettor Capital also named Carl Sottosanti, former executive vice president and general counsel at Penn National Gaming; and private investor and advisor Carl Vogel as fund advisors.
“We are thrilled to formally announce our partnerships with Melissa, Julie, Steve, Carl and Carl,” Kleiner said. “The knowledge, focus, and subject matter expertise that these individuals bring to the table is unparalleled in their respective fields and we could not be more excited to have each of them on board as Advisors for Bettor Capital.”