B2B provider of esports betting solutions Oddin.gg announced Tuesday a Series A financing round that raised $4.5 million from current investors, as well as from Velo Partners and Genting Ventures. This is expected to expand and scale the company's product verticals.
The round comes after ongoing business momentum, during which the company claims to have gone three years without losing a single client. The brand also signed landmark B2C deals with Betway, Yolo Group (sportsbet.io and bitcasino.io brands) and Loot.bet, among others. It also saw major B2B deals inked with OpenBet, Aspire Global, and more.
The funds will be used to strengthen Oddin.gg's position as a global esports B2B provider and to expand to new verticals. The Series A financing also comes after a successful seed round in early 2020, in which Oddin.gg raised $1.2 million.
Oddin.gg 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," he concluded.
Genting Ventures added: “We are impressed by Oddin.gg’s technology with 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.”
Velo Partners also commented: “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”.
The brand offers a 360° approach towards esports betting, providing betting operators with "everything they need to set up successful business operations," including visualizations, marketing, odds feed, risk management and iFrame.
Oddin.gg says it operates on all continents, and recently started offering its services in New Jersey, US. The company has current applications for licenses in other US states as well as Ontario, Canada. With an almost 9-digit monthly USD handle under management, the company delivered a 6.7% average margin to its clients in 1H 2022.
"As one of the very few in the esports ecosystem, the company broke even in July 2022," a press release explains.