Boom Fantasy targets US sports betting after funding boost
Boom Fantasy has closed a $4.5m (€3.9m) financing round as it seeks to expand its services into the US sports betting market.
The company, which previously only focused on fantasy sports, said it will use the funds to expand its development team, pursue strategic partnerships and develop sports betting intellectual property and patented gameplay.
defy.vc and ZhenFund led the round, while a number of premier angel investors from leading sports and media organisations also took part.
Stephen Murphy, chief executive of Boom Fantasy, said: “Last month’s Supreme Court ruling was obviously welcome news for Boom Fantasy, as we had all the critical pieces in place to pursue this massive market.
“We have a great core team, a rigorous and focused approach to developing entertaining and profitable gameplay, and a real-money gaming platform that is live in 35 US states.
“Now, we have set our eyes squarely focused on the US sports betting market with a resolve to create incredible, differentiated, and fun products for sports fans across the country.”
Completion of the financing round comes after Boom Fantasy recently rolled out ‘Boom Streaks’, a new real-money fantasy sports game.
Players are faced with a number of questions and if they answer eight correctly in a row, they can win up to 10,000x their buy-in.
The patent-pending format also allows users to sell their active streaks to other players on the platform at any time in a dynamic marketplace.
“Innovation will be essential in the sports betting market; we look forward to debuting many more fan-friendly formats in the coming months,” Murphy added.
Related article: Legalised fantasy sports launch in Pennsylvania