The venture-capital funding spigot for many online publishers is dribbling a lot less cash these days, with one notable exception: sports.
After recent disappointments over revenue and growth at even the bluest of blue chip sites (think Vice and Buzzfeed), VCs now are betting on sports content for their next big digital-media payday. And betting is exactly the right word.
As Gambling Goes, So Goes The Venture Capital
One component of this gold rush is definitely the prospect of programming around widely legalized sports gambling, following a big U.S. Supreme Court decision last year. By late 2018, five states already had legalized sports gambling, and as many as 20 more expected to consider such legislation this year.
No surprise then, that one of the recent beneficiaries of this latest gold rush was Action Network, which announced $17.5 million in Series B fundraising in late February. Action Network, as its name suggests, provides betting lines,...
After recent disappointments over revenue and growth at even the bluest of blue chip sites (think Vice and Buzzfeed), VCs now are betting on sports content for their next big digital-media payday. And betting is exactly the right word.
As Gambling Goes, So Goes The Venture Capital
One component of this gold rush is definitely the prospect of programming around widely legalized sports gambling, following a big U.S. Supreme Court decision last year. By late 2018, five states already had legalized sports gambling, and as many as 20 more expected to consider such legislation this year.
No surprise then, that one of the recent beneficiaries of this latest gold rush was Action Network, which announced $17.5 million in Series B fundraising in late February. Action Network, as its name suggests, provides betting lines,...
- 3/6/2019
- by David Bloom
- Tubefilter.com
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