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Picklebet Scores Big with AUD$15M Funding Boost

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Australian sports betting operator Picklebet has raised AUD$15 million (£7.8m/€9.0m) in a Series A funding round.

Investment firm Discerning Capital spearheaded the funding round and was supported by Drive by DraftKings, a multi-stage venture capital firm of DraftKings, as well as media investors Manifest Investment Partners. Betting and media investor Jeff Sagansky provided a follow-on investment in the round.

Australia is the only jurisdiction where Picklebet is operational. However, the betting company has expressed its plan to expand in 2024.

Established in 2020, the company initially focused on esports betting but later broadened its scope to include racing and traditional sports. In the previous year, it signed a two-year content agreement with Racing and Sports (RAS) that saw the latter provide its risk-managed trading service to Picklebet’s racing offering.

After a particularly strong 12 months of growth which saw NGR up 494% YoY and favourable unit economics on new customer cohorts, this investment validates our innovative in-house betting product and organic media strategy, and the value it delivers to the next generation of betting customers. We look forward to utilising the funds raised to accelerate customer acquisition in Australia, continued innovation of our proprietary in-house technology platform and media capabilities, and fund our initial international expansion.

Nick HeaneyPicklebet CEO

Discerning Capital’s Unwavering Support

Heaney further stated that Discerning Capital will continue to back the company throughout its ongoing expansion.

He acknowledged Discerning Capital as “the leading growth stage online sports betting and gaming investors in the market” and reiterated their support as Picklebet scales the “next phase of growth and product development” and expands beyond Australia.

We have evaluated online sportsbook deals all around the world and we felt that Picklebet’s unique blend of in-house technology, in-house content arm, fast growth, and efficient user acquisition made it a highly compelling opportunity. We have been working closely with the team and have the utmost confidence in their ability to execute on their vision.

Davis CatlinManaging Partner at Discerning Capital

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