RotoQL, a sports data developer believes in the bright future of sports betting in the United States. Having created many successful tools for daily fantasy sports, now the company plans to expand its horizons.
On Wednesday, the company announced $3 million seed round marking its total raise to $4.7 million. It would use the money for sport betting products.
The company also has David Stern, the former NBA commissioner as one of its stakeholders.
The new investors also include FanDuel and Karlani Capital.
RotoQL would use the funding to bolster the existing products and also to launch new BetQL platform for sport wagers. Reportedly, BetQL is supposed to be a crowd-sourced tool for dissecting betting lines and information.
A press release confirmed that the product will provide data designed to aid players in bet discovery which would guide them to the betting value.
Talking about the potential market, CEO, Justin Park, said, "We think it is over $6 billion annual opportunity in the United States and the sports betting market is expected to grow in the coming years."
"Industry needs to reduce the friction and address the issues that new bettors face. We will also have to look after the potential bettors who do not place their bets because they find the process of betting way too complicated," he added.
The company expects to create an environment for fostering a “middle class” of sports bettors — part-timers who try their hands on betting and expect some longevity from their bankroll.
“Data and analytics are crucial for way increasing the average aptitude of sports bettors that would ultimately help the rookie players to be savvier so they can join the middle class.”
Much of the development has been completed already, and the company expects to launch BetQL by the end of this quarter.
As it matures, we also plan to diversify away from subscription-only services and we would explore the affiliate model.