RotoQL raises additional $3m for sports betting

Sports data developer RotoQL has raised a further $3m (€2.4m) via a seed round to support its potential expansion into sports betting.

RotoQL has now generated a total of $4.7m for the project, with new investors in the latest round including Karlani Capital, which was an early supporter of daily fantasy sports brand FanDuel.

According to Legal Sports Report, RotoQL will use the funds to enhance existing products and roll out a new platform for sports betting, ahead of the potential expansion of legalised sports wagering in the US.

Justin Park, chief executive of RotoQL, said: “We see it as an over $6bn annual opportunity in the US regulated sports betting market by 2023 with only a subset of states participating.

“The industry will need to reduce the friction for bettors who are currently wagering through offshore services, and especially address new bettors who are not wagering at all because they view it as too complicated.”