Here at Vela Wood, we provide assistance to many of the country’s leading fantasy sports operators in all stages of financing and strategic exits, and in light of its widespread legalization, we are now seeing an uptick in sports wagering related deals as well. In recent years, hundreds of billions (and yes, that’s “billions” with a “b”) of investment dollars have been injected into these industries from virtually every type of investor. From friends and family to career investors, venture capital funds, investment funds, accelerators, casino enterprises, actors and even professional athletes– everyone wants a piece of the fantasy and sports betting pie.

Although more recently much of the investment community has turned its attention and resources towards legalized sports betting, fantasy operators continue to strike million or even billion dollar deals on a regular basis and we are often asked questions about past, present, and future industry deals. In response to the significant interest and regular inquiry of many of our fantasy and gaming clients, we have compiled a list of major industry investors and transactions below to provide a snapshot of historical industry investment.

All data was gathered from publicly available sources – either press releases, news articles, or deal tracking resources.

Got a deal that we should add? Please email us at .

Fantasy Sports and Sports Betting Deals

Operator
Acquisition / Round
Date
Transaction Value
Acquirer / Investor
Company Revenues
Valuation / Revenue Multiple
User Data
Operator:Scientific Games Lottery
Acquisition / Round:Acquisition
Date:October 2021
Transaction Value:$6.1B
Acquirer / Investor:Brookfield Business Partners
Company Revenues:

$381M (2021)

Valuation / Revenue Multiple:15.88
User Data:

130+ retail customers in 50 countries

Summary of Consideration:
Total amount LBO; $5.825B in cash and an earn-out of up to $225M based on the achievement of certain EBITDA targets in 2022 and 2023.

Operator:The Score Media Ventures
Acquisition / Round:Acquisition
Date:October 2021
Transaction Value:$2.0B
Acquirer / Investor:Penn National Gaming
Company Revenues:

$22M (2021)

Valuation / Revenue Multiple:90.9
User Data:

4M MAU

Summary of Consideration:
The Score shareholders received $17.00 per share in cash and 0.2398 shares of Penn National common stock for each the Score share, which implies a total purchase consideration of $34.00 per the Score share based on Penn National’s 5-day volume weighted average trading price as of July 30, 2021. Current Penn National and the Score shareholders hold approximately 93% and 7% respectively, of the Company’s outstanding shares.

Operator:Golden Nugget Gaming
Acquisition / Round:Acquisition
Date:August 2021
Transaction Value:$1.6B
Acquirer / Investor:DraftKings
Company Revenues:

$128.2M (2021)

Valuation / Revenue Multiple:12.16
User Data:

5M users

Summary of Consideration:
All stock.

Operator:The Action Network
Acquisition / Round:Acquisition
Date:May 2021
Transaction Value:$240.0M
Acquirer / Investor:Better Collective
Company Revenues:

$40M (2021)

Valuation / Revenue Multiple:6
User Data:

1.6M MAU

Summary of Consideration:
All cash and debt free basis.

Operator:Bet.Works
Acquisition / Round:Acquisition
Date:May 2021
Transaction Value:$125.0M
Acquirer / Investor:Bally's
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Summary of Consideration:
$62.5M in cash and $62.5M in Bally’s common stock, which Bet.Works shareholders agreed to hold for at least one year.

Operator:Monkey Knife Fight
Acquisition / Round:Acquisition
Date:March 2021
Transaction Value:$90.0M
Acquirer / Investor:Bally's
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:

180K registered users and 80K depositing players

Summary of Consideration:
MKF received immediately exercisable penny warrants to purchase up to approximately $50M in Bally’s common shares (subject to adjustment) at closing, and contingent penny warrants to purchase up to approximately $20M in additional Bally’s common shares on each of the first and second anniversaries of closing, for a possible total of up to approximately $40M.

Operator:VSiN
Acquisition / Round:Acquisition
Date:March 2021
Transaction Value:$70.0M
Acquirer / Investor:DraftKings
Company Revenues:

NA

Valuation / Revenue Multiple:N/A
User Data:

NA

Summary of Consideration:
Cash and stock.

Operator:Betcha Sports
Acquisition / Round:Acquisition
Date:December 2021
Transaction Value:$65.0M
Acquirer / Investor:Vivid Seats
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Summary of Consideration:
$25M upfront in Vivid Seats Equity, $40M based on earnings and payable in a combination of cash and stock.

Operator:RotoGrinders
Acquisition / Round:Acquisition
Date:May 2019
Transaction Value:$54.9M
Acquirer / Investor:Better Collective
Company Revenues:

$8M (2018)

Valuation / Revenue Multiple:6.85
User Data:

NA

Summary of Consideration:
$17.85M in cash and $3.15M in shares for a 60% stake. On November 4, 2021, Better Collective completed the acquisition of the remaining 40% share stake in RotoGrinders at a total price of $35.4M. The acquisition of the remaining 40% of the shares was paid through a $23.6M cash consideration.

Operator:USBookmaking
Acquisition / Round:Acquisition
Date:July 2021
Transaction Value:$53.8M
Acquirer / Investor:Elys Game Technology
Company Revenues:

NA

Valuation / Revenue Multiple:N/A
User Data:

NA

Summary of Consideration:
$12M paid 50% in cash and 50% in shares of the Company and potential additional payout of up to $41.8M through December 31, 2025.

Operator:DRAFT
Acquisition / Round:Acquisition
Date:May 2017
Transaction Value:$48.0M
Acquirer / Investor:Paddy Power Betfair
Company Revenues:

NA

Valuation / Revenue Multiple:N/A
User Data:

NA

Summary of Consideration:
$19M upfront, with a potential additional payout of $29M paid over a stipulated period of time per the terms of the deal.

Operator:Sleeper
Acquisition / Round:Series C
Date:September 2021
Transaction Value:$40.0M
Acquirer / Investor:Andreessen Horowitz
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:

3M active users

Additional Investors:
Rainfall, Telstra Ventures, Leonis Capital, Rabil Ventures and Klay Thompson also participated in the round.

Operator:Lineups.com
Acquisition / Round:Acquisition
Date:May 2021
Transaction Value:$39.6M
Acquirer / Investor:Catena Media
Company Revenues:

$7.5M (2020)

Valuation / Revenue Multiple:5.28
User Data:

NA

Summary of Consideration:
Payable in cash in three instalments during a two-year period. An additional contingent cash payment of $500K is payable if certain requirements are fulfilled within three years of the transaction date.

Operator:Synergy Sports
Acquisition / Round:Series A
Date:December 2020
Transaction Value:$37.7M
Acquirer / Investor:Earvin Johnson
Acquirer / Investor:Elysian Park Ventures
Acquirer / Investor:Mark Walter
Company Revenues:

$18.63M (2020)

Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
Peter Guber, Todd Boehly, Eldridge and other undisclosed investors also participated in the round.

Operator:Vigtory
Acquisition / Round:Acquisition
Date:February 2021
Transaction Value:$37.2M
Acquirer / Investor:FuboTV
Company Revenues:

NA

Valuation / Revenue Multiple:N/A
User Data:

NA

Summary of Consideration:
The purchase price was determined to be $10.3M, including $1.7M of Vigtory’s outstanding convertible notes and other liabilities settled by the Company on the closing date. This consideration does not include the $26.9M fair value of common shares issued to former employee shareholders of Vigtory that will vest over future service periods.

Operator:SportTrade
Acquisition / Round:Series B Venture Funding
Date:June 2021
Transaction Value:$36.0M
Acquirer / Investor:Nasdaq Ventures
Company Revenues:

Pre-revenue

Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
Jump Capital, Impression Ventures, Hudson River Trading, Tower Research Ventures, Jim Murren, former CEO of MGM Resorts International and Tom Wittman, former CEO of the Nasdaq Stock Exchange also participated in the round.

Operator:QL Gaming
Acquisition / Round:Acquisition
Date:November 2020
Transaction Value:$31.6M
Acquirer / Investor:Entercom Communications
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:

300K free users and 10k paying customers

Summary of Consideration:
All cash.

Operator:Spin Games
Acquisition / Round:Acquisition
Date:May 2021
Transaction Value:$30.0M
Acquirer / Investor:Bragg Gaming
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:

NA

Summary of Consideration:
The Company will receive $10M in cash and $20M in common shares of Bragg, of which $5M worth of shares will be issued on closing, with the remainder over the next three years.

Operator:SimpleBet
Acquisition / Round:Series C
Date:August 2021
Transaction Value:$30.0M
Acquirer / Investor:Anti Fund
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:

100K unique users

Additional Investors:
Aristocrat Technologies, the San Francisco Giants, MGM Resorts Chairman Jim Murren, former Starbucks chief Howard Schultz, New Jersey Devilsminority co-owner David Blitzer, and tennis legend Andre Agassi also participated in the round.

 

Operator:RotoWire
Acquisition / Round:Acquisition
Date:December 2021
Transaction Value:$27.5M
Acquirer / Investor:Gambling.com
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:

100k paid subscriptions, 17M unique web visitors

Summary of Consideration:
$20.5M upfront; $7.5M deferred over a two-year period following close.

Operator:Sports Betting Dime
Acquisition / Round:Acquisition
Date:March 2021
Transaction Value:$26.0M
Acquirer / Investor:XL Media
Company Revenues:

$13.6M (2020)

Valuation / Revenue Multiple:1.91
User Data:

1.2M MAU

Summary of Consideration:

An initial $11.0M upfront, together with up to $500K as reimbursement of SBD’s operating expenses per month from December 31, 2020, to the completion of the acquisition. A further $10.0M will be payable on the first anniversary of the deal, and then the final $3.7M after 18 months.

Operator:CBWG Sports
Acquisition / Round:Acquisition
Date:December 2020
Transaction Value:$25.0M
Acquirer / Investor:XL Media
Company Revenues:

$4.6M (2020)

Valuation / Revenue Multiple:5.43
User Data:

550K DAU

Summary of Consideration:
An initial $12M will be paid in cash and issue 8M new shares – at an aggregate value of $3.5M with a potential future contingent consideration of up to $9.5M, based on net revenue performance of the acquired business, payable over three years to the end of 2023.

Operator:Jambos Picks
Acquisition / Round:Angel Funding
Date:August 2019
Transaction Value:$23.0M
Acquirer / Investor:Bill Miller
Acquirer / Investor:David Ganek
Acquirer / Investor:Marvin Bush
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
Steve Duncker and other undisclosed investors also participated in this round.

Operator:Boom Fantasy
Acquisition / Round:Series A
Date:September 2021
Transaction Value:$15.3M
Acquirer / Investor:Sands Capital
Company Revenues:

NA

Valuation / Revenue Multiple:N/A
User Data:

Boom Fantasy portfolio of fantasy games have been played by nearly 3M users.

Additional Investors:
New England Patriots owner Robert Kraft, Former MGM CEO Jim Murren, Eilers & Krejcik partner Chris Grove, ESPN analyst Adam Schefter, Golden Nugget Online Gaming and Rush Street Interactive also participated in the round.

Operator:Draftea
Acquisition / Round:Venture Funding
Date:January 2022
Transaction Value:$13.2M
Acquirer / Investor:Kaszek
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
Sequoia, Bullpen, and Nigel Eccles, founder and former CEO of sports-betting giant FanDuel also participated in the round.

Operator:Jock MKT
Acquisition / Round:Series A
Date:May 2021
Transaction Value:$10.1M
Acquirer / Investor:Left Lane Capital
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
Ryan Moore and Accomplice VC also participated in the round.

Operator:Lucra
Acquisition / Round:Series A
Date:May 2021
Transaction Value:$10.0M
Acquirer / Investor:Raptor Group
Acquirer / Investor:SeventySix Capital
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
Victress Capital, John Isner, Marc Lasry, Julie Ertz, Zach Ertz, and The 21 Fund also participated in the round.

Operator:Underdog Fantasy
Acquisition / Round:Series A
Date:January 2022
Transaction Value:$10.0M
Acquirer / Investor:Kevin Carter
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:

60K MAU

Additional Investors:
Mark Cuban, Kevin Durant, Jared Goff, Adam Schefter, rappers Future, Gunna, Nas, Kygo, The Chainsmokers and Steve Aoki, Dapper Labs CEO Roham Gharegozlou, Harris Blitzer Sports & Entertainment, gaming research firm Eilers & Krejcik, Bleacher Report’s Adam Lefkoe, the Action Network, FantasyLabs, RotoGrinders, and SimpleBet.

Operator:Metric Gaming
Acquisition / Round:Series A
Date:September 2020
Transaction Value:$10.0M
Acquirer / Investor:Undisclosed
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
Existing investors also participated in this round.

Operator:Major League Fantasy
Acquisition / Round:Acquisition
Date:June 2015
Transaction Value:$8.5M
Acquirer / Investor:Latitude 360
Company Revenues:

NA

Valuation / Revenue Multiple:N/A
User Data:

NA

Summary of Consideration:
Cash and stock.

Operator:BetSperts
Acquisition / Round:Series A
Date:August 2021
Transaction Value:$6.0M
Acquirer / Investor:HBSE Ventures
Acquirer / Investor:Verance Capital
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:

More than 10M monthly visits across the Company’s properties during the 2020 football season.

Additional Investors:
Velo Partners, Parlay Capital Holdings, Thirtyfive Ventures, MLB players Evan Longoria, Adam Wainwright and David Price, NBA All-Stars Richard Jefferson and Chris Paul, NASCAR driver Kyle Busch, Grammy winner Darius Rucker, entrepreneur and Atlanta Hawks owner Jesse Itzler and Eric Norlin of SK Ventures also participated in the round.

Operator:Starting Eleven
Acquisition / Round:Venture Funding
Date:August 2019
Transaction Value:$5.0M
Acquirer / Investor:Brand Capital International
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:

50K users

Additional Investors:
Fin Capital Angels and Permian Bank Capital also participated in this round.

Operator:StatHero
Acquisition / Round:Series A
Date:December 2021
Transaction Value:$4.0M
Acquirer / Investor:BFG Sports Bet
Company Revenues:

884% growth in annual revenue; 400% month-over-month growth in deposits.

Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
NA

Operator:HypGames
Acquisition / Round:Series B
Date:October 2021
Transaction Value:$4.0M
Acquirer / Investor:Miniclip
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
DeepWork Capital and other undisclosed investors also participated in this round.

Operator:Compliable
Acquisition / Round:Seed-4 Funding
Date:October 2021
Transaction Value:$3.6M
Acquirer / Investor:Bettor Capital
Company Revenues:

$168K (2021)

Valuation / Revenue Multiple:N/A
User Data:

7 customers

Additional Investors:
KB Partners also participated in the round.

Operator:Gaming Society
Acquisition / Round:Seed Funding
Date:April 2022
Transaction Value:$3.5M
Acquirer / Investor:Glencrest Global
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
Other undisclosed investors also participated in the round.

Operator:ThriveFantasy
Acquisition / Round:Series A + Debt
Date:September 2021
Transaction Value:$3.0M
Acquirer / Investor:Cardinal Sports Capital
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
New York Angels members, Yolo Investments, Reflect Ventures and Stage 1 Ventures also participated in the round.

Operator:PickUp
Acquisition / Round:Seed 2 Funding
Date:August 2021
Transaction Value:$3.0M
Acquirer / Investor:Connetic Ventures
Acquirer / Investor:KB Partners
Acquirer / Investor:Sharp Alpha Investors
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
SuRo Capital, Drive by DraftKings and other undisclosed investors also participated in the round.

 

Operator:GridRival
Acquisition / Round:Seed Funding
Date:September 2021
Transaction Value:$3.0M
Acquirer / Investor:KB Partners
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:

100K users

Additional Investors:
ESPT Ventures, Sharp Alpha Advisors, Lloyd Danzig, Benjie Cherniak and other undisclosed investors also participated in the round.

Operator:Premier Turf Club
Acquisition / Round:Acquisition
Date:May 2021
Transaction Value:$2.9M
Acquirer / Investor:PointsBet
Company Revenues:

NA

Valuation / Revenue Multiple:N/A
User Data:

NA

Summary of Consideration:
NA

Operator:SharpRank
Acquisition / Round:Seed Funding
Date:March 2022
Transaction Value:$2.5M
Acquirer / Investor:TEDCO
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:

15K active users

Additional Investors:
Eilers & Krejcik Gaming, Sharp Alpha Advisors and Old Line Capital also participated in the round.

Operator:Ownersbox
Acquisition / Round:Seed Funding
Date:July 2020
Transaction Value:$1.7M
Acquirer / Investor:Undisclosed
Company Revenues:

Pre-revenue (2020)

Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
Drew Brees participated in the round.

Operator:PredictionStrike
Acquisition / Round:Pre-seed Funding
Date:May 2021
Transaction Value:$1.7M
Acquirer / Investor:New Age Capital
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
MaC Venture Capital also participated in the round.

Operator:Linestar
Acquisition / Round:Series 3 Seed Funding
Date:November 2021
Transaction Value:$1.4M
Acquirer / Investor:Undisclosed
Company Revenues:

859K (2020)

Valuation / Revenue Multiple:N/A
User Data:

NA

Additional Investors:
Funded via SeedInvest.

Operator:Blok Sports
Acquisition / Round:Seed Funding
Date:March 2022
Transaction Value:$1.3M
Acquirer / Investor:Undisclosed
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
Andre Reed and Marshawn Lynch participated in the round.

Operator:Snapodds
Acquisition / Round:Seed Funding
Date:November 2021
Transaction Value:$1.2M
Acquirer / Investor:Sharp Alpha Investors
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
Undisclosed investors also participated in the round.

Operator:Kero Sports
Acquisition / Round:Seed Funding
Date:March 2021
Transaction Value:$1.0M
Acquirer / Investor:Acies Investments
Acquirer / Investor:Sharp Alpha Investors
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
Benjie Cherniak also participated in the round.

 

Operator:Match Bets
Acquisition / Round:Seed Funding
Date:May 2021
Transaction Value:$750,000
Acquirer / Investor:Undisclosed
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
NA

Operator:Hedge
Acquisition / Round:Angel Funding
Date:September 2021
Transaction Value:$350,000
Acquirer / Investor:Undisclosed
Company Revenues:

$500K (2021)

Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
NA

Operator:Bettor Fantasy
Acquisition / Round:Angel Funding
Date:August 2021
Transaction Value:$110,000
Acquirer / Investor:Undisclosed
Company Revenues:N/A
Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:
NA

Operator:PrizePicks
Acquisition / Round:Venture Funding
Date:December 2021
Transaction Value:N/A
Acquirer / Investor:Astralis Capital
Acquirer / Investor:Phoenix Capital Ventures
Company Revenues:

Annualized re-occurring revenue topped $20M in May 2021.

Valuation / Revenue Multiple:N/A
User Data:N/A

Additional Investors:

Other notable investors in the round include Matt Ryan, John Collins, Next Play Capital Partner Hunter Hillenmeyer, Bet.Works Founder Quinton Singleton, SportsGrid COO Adam Kaplan, Former NFL Executive Vishal Shah, and ThePostGame led by Eric Herd, co-founder and CEO, and David Katz, co-founder, chairman, and former head of FOX Sports Digital and Yahoo! Sports.

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