WagerWire, a marketplace empowering sports bettors to trade with their active wagers, announced yesterday the close of a $3 million seed funding round led by Miami Marlins and Leeds United FC co-owner Roger Ehrenberg.
Flipping Bets Like Buying and Selling Stock
The innovative marketplace allows sports bettors to buy and sell already placed wagers across a network of sportsbook partners by tracking bets in real-time and letting bettors get in and out of futures throughout the season, cash in on parlays and trade game lines up to the buzzer.
“Now your bet no longer has to win to make you money,” stated Zach Doctor, chief executive officer of WagerWire, explaining that the marketplace would give people “more control over their betting journey” and provide them with the “ability to flip bets like they would a stock on Robinhood or a pair of Jordans on StockX.”
Led by the co-owner of Major League Baseball franchise the Miami Marlins and English Premier League soccer club Leeds United, the seed funding round attracted key investors such as Cardinal Sports Capital, which participated through its HPL Digital Sport acceleration program. Ehrenberg co-owns the sports franchises via his venture funds IA Sports Ventures and Eberg Capital.
Customer Acquisition and Retention Tool
Commenting on the financing round, Ehrenberg outlined the innovative nature of WagerWire that will “create a more engaging and social experience for bettors” to satisfy the need of sportsbooks for “cost-effective acquisition and retention strategies.”
“The WagerWire team has a clear vision about how to harness core economic principles in order to create a flywheel effect that drives value for both bettors and sportsbooks,” Ehrenberg concluded.
The funding round was also joined by the likes of the founder of SimpleBet Joye Levy via its 305 Ventures, former deputy director at the New Jersey Division of Gaming Enforcement George Rover, Full Moon Sports Solutions, Sports Meta, law firm Colley, as well as some early investors in Palantir, Canva and Tesla.
WagerWire has already established strategic partnerships with providers of premier sports data and analytics and several marquee sportsbook operators in preparation for the marketplace launch.