US betting industry ratings agency nets $2.5m in funding from industry heavyweights
Eilers & Krejcik and Lloyd Danzig’s Sharp Alpha Advisors participate in oversubscribed seed funding drive
SharpRank, an independent ratings agency and performance rating platform for sports betting, has received a $2.5m boost in the form of an oversubscribed seed funding round.
The investment round, led by start-up funding company TEDCO, drew participants including perennial betting investors Eilers & Krejcik Gaming and Sharp Alpha Advisors, as well as venture capital funds Old Line Capital and Metarail Capital.
It is understood funding will be used to “finalize product market fit” while enhancing the firm’s data and technology infrastructure, allowing it to deliver on its ambitions to launch B2B operations.
SharpRank CEO Chris Adams welcomed the funding as testament to the appetite for SharpRank products in the sports betting market.
“The high involvement from impactful investors, given the current public market conditions, reinforce the belief in the need for a standardized approach to overseeing the public influence side of sports betting,” Adams explained.
“The banking industry has a distinctly enforced division between research and trading. Sports betting’s infrastructure is no different – content platforms are partnered with sportsbook operators, and some are vertically integrated.
Adams continued: “When financial transactions can be influenced, oversight and accreditation are required to protect the public and the industry’s growth from predatory scams and pervasive misinformation.
“We are here to elevate this industry and drive supported growth. We want to thank our supporters and investors for seeing that same vision,” he added.
Founded in 2019, SharpRank aims to function in a similar way to ratings agencies in the financial services sector such as MorningStar, Moody’s and S&P.
The firm provides rating data on sports betting operators to leagues, teams and conferences, as well as media partners, state and government entities through leveraging partnerships and technology.