WagerWire, a marketplace where bettors can buy and sell previously placed sports bets, announced Thursday the close of a $3 million seed funding round. The round was led by Roger Ehrenberg, co-owner of the Miami Marlins and Leeds United FC, as a part of his venture funds IA Sports Ventures and Eberg Capital.
Cardinal Sports Capital is also "a key investor" through their newly formed accelerator program with HPL Digital Sport, WagerWire informed. The marketplace bills itself as allowing sports bettors to profit off real-time line movements and momentum swings by buying and selling bets on WagerWire’s platform or within their partner sportsbook apps.
In a press release issued Thursday, WagerWire announced it has entered into strategic partnerships with data analytics providers and has several sportsbook partnerships that will be announced soon.
WagerWire’s solution powers bet trading in partner sportsbook apps, as well as on "the wire," their aggregated marketplace of sports bettors. The platform seamlessly tracks bets in real-time and allows bettors to jump in and out of futures all season, cash in on parlays before they bust, and trade game lines up to the buzzer.
WagerWire CEO Zach Doctor stated: "Now your bet no longer has to win to make you money. People want more control over their betting journey, and the WagerWire marketplace gives them the ability to flip bets as they would stock on Robinhood, or a pair of Jordans on StockX. We’re thrilled to have such a prolific syndicate in our corner as we bring this product to the masses."
Ehrenberg added: "As sportsbooks search for cost-effective acquisition and retention strategies, WagerWire is a new solution to create a more engaging and social experience for bettors. The WagerWire team has a clear vision about how to harness core economic principles in order to create a flywheel effect that drives value for both bettors and sportsbooks."
Among those who joined this round of financing are SimpleBet founder Joey Levy’s 305 Ventures, Full Moon Sports Solutions, Sports Meta, former NJ DGE Deputy Director George Rover, law firm Cooley LLP, and early investors in Palantir, Canva, and Tesla.