Sports betting rating agency SharpRank raises $2.5 million in latest funding round
Maryland-based rating agency and sports betting performance rating platform SharpRank has raised $2.5 million so far in a new seed round. According to a study by Morning consultation. Company data showed that almost one in five adults bets on sports at least once a month.
The company aims to use the funding to continue to improve its technical and scientific data infrastructure, while testing how his product responds to current market demand. The company began raising funds on March 4 and is still in talks with other investors, who can oversubscribe the round. “What we often see in the market is a merger of sports betting operators and media platforms,” said SharpRank CEO Christopher Adams, as reported by business journals.
The starting cycle is supported by the Maryland Technology Development Corp. (TEDCO), Capital of the old line, Sharp Alpha Advisors, Eilers and Krejcik Gamesand other independent investors. The company’s last funding round was in 2021, when it raised $1.4 million.
Along with the new capital financing, SharpRank is monetize partnerships with media companies, such as Sports Illustrated and USA Today. The CEO of the company said that many sports betting operators are also interested in the product as they move into more robust content arms and into producing industry videos and articles.
The startup helps companies in the sports betting ecosystem benchmark their analysts to make better hiring decisions and source new talent with data using 40+ internal metrics, including risk profiles.
Additionally, SharpRank has a mainstream app for amateur bettors with 15,000 active users. The app creates profiles detailing the selection habits of sports betting experts and regular sports fans, allowing media companies or sportsbooks to create content tailored to specific users.
“We are creating a huge advantage for partners because we’re looking at the expert’s DNA and comparing it to the DNA of one of their consumers,” Adams told previously quoted media. For example, the company may offer sportsbooks the ability to create more individualized promotions, such as risk-free bets for specific games instead of general promotions and may offer sportsbook experts a way to establish their referrals .