Boom Entertainment gains industry backing in $15m funding round
Golden Nugget, RSI and Better Collective among latest investors in US sports betting technology developer
Boom Entertainment has raised more than $15m in a new funding round after attracting investment from gambling firms including Golden Nugget, Rush Street Interactive and Better Collective.
Prominent investors in the Series A funding round included former MGM Resorts CEO Jim Murren, Better Collective CEO Jesper Søgaard and New England Patriots owner Robert Kraft.
Boom said the latest cash injection will be used to fund its expansion into real-money gaming products.
Boom Entertainment is led by former High 5 Games executives Stephen Murphy and Med Nadooshan, who serve as CEO and president respectively.
In June, the company hired former DraftKings director of sportsbook operations Chris Fargis as its new general manager of real-money sports.
Murphy said: “Sports fans and casino players are craving something more – new products and new games that will transform how they consume sports and how they are entertained.
“With this capital infusion, we will redefine what real-money gaming looks like by introducing new ways to bet on sports and new experiences for players,” he added.
The Series A funding round also attracted investment from Sands Capital, which holds more than $80bn in funds under management in stocks from companies including Amazon, Netflix and Nike.
The venture capital firm is also a shareholder of Entain and has previously been a shareholder of US casino operator Las Vegas Sands.
Rush Street Interactive has invested in the firm for a second time, having already made a “minority” investment in August as part of a wider commercial agreement.