SharpRank, the sport betting industry’s ratings agency, announced today that it has officially oversubscribed and closed its seed round of funding. Led by TEDCO with participation from Sharp Alpha Advisors, Eilers & Krejcik Gaming, Old Line Capital, Metarail Capital, and others, the capital will be used to finalize product market fit, enhance data and technology infrastructure, and execute initiatives of its core, B2B, operations.
“The high involvement from impactful investors, given the current public market conditions, reinforce the belief in the need for a standardized approach to overseeing the public influence side of sports betting,” said Chris Adams, CEO of SharpRank. “The banking industry has a distinctly enforced division between research and trading. Sports betting’s infrastructure is no different – content platforms are partnered with sports book operators, and some are vertically integrated. When financial transactions can be influenced, oversight and accreditation are required to protect the public and the industry’s growth from predatory scams and pervasive misinformation. We are here to elevate this industry and drive supported growth. We want to thank our supporters and investors for seeing that same vision.”
“With all new industries, participants, infrastructure and oversight are necessary for growth,” said Tim Wilson, Senior Director, TEDCO Seed Funds. “We saw an oversight component opportunity for the sports betting industry. Every industry has a SharpRank equivalent. Given the growing interest in sports betting, we liked the opportunity to help in shaping responsible gaming and consumer protection.”
“Integrity and transparency are critical to the durability of customer acquisition funnels and engagement mechanisms in the real money gaming space,” said Lloyd Danzig, managing partner of Sharp Alpha Advisors.
“Old Line Capital is excited to help SharpRank in the development of their innovative offering. We are confident that the exponential expansion of online betting in the U.S. and around the world will drive the adoption of the SharpRank platform. The platform provides the metrics necessary to enable bettors and fantasy sports owners to more confidently rank and rely on advice from the experts (i.e., the Sharps). Old Line Capital looks forward to working with Chris Adams and the exceptional SharpRank team.” Said John Skordas, General Partner of Old Line Capital Partners.
“This US sports betting industry is at two critical inflection points. The first is the casual consumer unlocking through gamification and use of experts – following the playbook that led to the boom in fantasy sports years ago. We are already witnessing the arms race for influencer talent across content and operator platforms. The second is the inclusion of funds or financial products (or “business entities with pooled money”) being allowed to implement sports betting as a strategy, of which legislation is already in committee in New Jersey. Exciting times ahead for the US sports betting market, but all of that growth hinges on setting foundational levels of consumer trust, protection, and transparency,” said Adams.
SharpRank, Inc. is an independent ratings agency and performance rating platform for sports betting experts, algorithms, prognosticators, and the public; leveraging its proprietary, cross-sport, and ever evolving ranking algorithm and metrics. By taking a comprehensive and holistic approach, the Company provides the industry standard with respect to rating and ranking these experts.