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Sportingwin launches €1m funding round

| By Robert Fletcher
Online sports betting start-up Sportingwin has opened a new investment round ahead of its planned launch in the regulated Bulgarian market.

The Malta-licensed operator will offer up to €1m in equity for investors, with the funds to be used to ensure it has enough capital and is able to build the required infrastructure for operation in Bulgaria.

Sportingwin last month revealed plans to launch in Bulgaria and now in the final stages of securing its licence from the National Revenue Agency.

Should the licence application go through as expected, Sportingwin will become only the fifth licensee in the market.

SportingWin, which is part of the Sporting Group, would also be the first to roll an exchange betting product in the country through the Betfair Exchange.

“We are seeking investment as we want to make sure that we are well capitalised and can deploy our expansion plans efficiently and effectively,” SportingWin’s head of investment and board director, Mark Chakravarti, said.

“We have already had considerable interest in our funding round, and I look forward to speaking with potential investors keen to share in what will be a hugely successful journey for SportingWin.”

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