Pursuing its goal of securing a leadership position in global esports B2B betting, Oddin.gg has announced completion of a Series A funding round, raising £4.5m.
The esports odds feed, risk management and iframe provider gained financial backing from current investors, as well as newcomers Velo Partners and Genting Ventures.
Oddin.gg previously raised $1.2m during a previous financing round in early 2020, before embarking on an extensive course of commercial expansion, entering into several new partnerships.
Co-Founder and CEO, Vlastimil Venclik, said: “On behalf of the entire Oddin.gg team and myself, I am proud of everyone involved. First of all, we want to thank our clients and partners who share our vision and who have made our growth possible.
“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. I want to thank all our partners for their trust, and we will work tirelessly on our vision to justify it.”
Since finalising its 2020 funding round, Oddin has signed agreements with the likes of Betway, Yolo Group’s Sportsbet.io and Bitcasino.io brands, Duelbits, Loot.bet and most recently TrustDice, providing its B2C odds feeds, risk management services and iframe solutions.
Meanwhile, B2B arrangements have been secured with prominent sportsbook software and solutions providers such as OpenBet, Aspire Global and Altenar, alongside geographic expansion.
The group received another boost last month when SIS (Sports Information Services) expanded its Competitive Gaming esports division with the launch of a CS:GO product, developed with backing from Oddin.gg.
A statement from Velo Partners – a global B2B and B2C igaming investments firm – cited Oddin.gg’s esports odds products and general strategic approach as key reasons for its decision to make a cash injection.
“We were immediately 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,” Velo detailed.
Targeting global expansion across all continents following the funding round, Oddin.gg has placed a particular emphasis on the US, where it has recently launched its offering in major gaming state New Jersey.
The firm currently has licence applications pending in ‘other US states’ as well as in Ontario, Canada’s most populous province, having recorded an ‘almost nine digits monthly US handle’ and delivering a ‘6.7% average margin to its clients’ whilst breaking even during H1.
Backing Oddin.gg’s expansion plans in the established European and developing North American markets, Genting Ventures – the investment arm of Malaysian multinational gaming firm Genting Group – stated interest in the group’s tech and ‘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,” Genting Ventures concluded.
Noting that esports is a rapidly evolving vertical in the global betting industry, Oddin.gg Co-Founder and Managing Director, Marek Suchar, identified risk management, ‘constant innovation’ and new content production as key areas of focus moving forward, in an interview with SBC in June.