30.11.2023

by Mateusz Mazur

Picklebet Secures $15M AUD in Series A Funding for Expansion and Innovation

Picklebet, an Australian next-generation betting and media company at the forefront of esports, sports, and internet culture, has successfully closed a $15 million AUD Series A financing round.

Picklebet Secures $15M AUD in Series A Funding for Expansion and Innovation

This marks a significant milestone for the company, which has been experiencing rapid growth and innovation in the online sports betting (OSB) sector.

Diverse Investor Support Reflects Strong Market Confidence

The financing round was spearheaded by Discerning Capital, a growth-stage investment firm with a focus on online gambling, sports, media, and technology sectors.

Other notable participants included sports technology and entertainment leaders like Drive by DraftKings, media investors Manifest Investment Partners, and seasoned wagering and media investor Jeff Sagansky with follow-on investment.

Exceptional Growth and Innovative Business Model

Picklebet’s CEO, Nick Heaney, highlighted the company’s impressive growth over the past year, stating “After a particularly strong 12 months of growth which saw NGR up 494% YoY and favorable unit economics on new customer cohorts, this investment validates our innovative in-house betting product and organic media strategy, and the value it delivers to the next generation of betting customers.”

“We look forward to utilising the funds raised to accelerate customer acquisition in Australia, continued innovation of our proprietary in-house technology platform and media capabilities, and fund our initial international expansion.”

Future Plans: Expansion and Technological Innovation

The funds will be utilized to accelerate customer acquisition in Australia, drive innovation of their proprietary technology platform and media capabilities, and support Picklebet’s initial international expansion plans slated for 2024.

Originally an esports-centric OSB, Picklebet has expanded its offerings to include sports and racing, catering to a broader customer base. Their platform features a range of betting options, such as singles, parlays, same game/race parlays, and outrights.

Media Division: Pickle Studios

Pickle Studios, the company’s media division, has grown rapidly, both domestically and internationally. It focuses on producing original, humorous, and culturally relevant sports and esports content. This media approach has yielded significant impressions across popular social channels and has been pivotal in achieving efficient brand awareness and low customer acquisition costs.

Heaney expressed confidence in their strategic partners, particularly Discerning Capital, citing their industry insights and expertise as vital for Picklebet’s expansion beyond Australia. The company’s mission is to reimagine betting and entertainment for the next generation.

Davis Catlin, Managing Partner at Discerning Capital, praised Picklebet’s unique blend of in-house technology and content, fast growth, and efficient user acquisition, stating “We have evaluated online sportsbook deals all around the world and we felt that Picklebet’s unique blend of in-house technology, in-house content arm, fast growth, and efficient user acquisition made it a highly compelling opportunity. We have been working closely with the team and have the utmost confidence in their ability to execute on their vision.”

Our Comment on the Article

Picklebet’s successful Series A funding round is a testament to the growing significance and potential of the esports and online sports betting market. The investment reflects not only confidence in Picklebet’s current achievements but also in its future prospects.

By blending in-house technology with a unique media strategy, Picklebet is positioning itself as a leader in a rapidly evolving industry. Their expansion plans and focus on innovation indicate a forward-thinking approach, poised to cater to the changing preferences of the next generation of bettors.

This move exemplifies how strategic investments, coupled with technological and content innovation, are reshaping the landscape of online sports betting and entertainment.

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