Esports start-up Oddin to add new product verticals after $4.5m Series A funding round
Esports odds and risk management provider Oddin.gg has raised $4.5m through a Series A funding round which included investment from both Velo Partners and Genting Ventures.
Velo Partners is a VC fund specialising in early-stage investments in gaming and gambling companies, while Genting Ventures is the corporate venture arm of Malaysian casino conglomerate Genting Group.
The funds will be used to strengthen Oddin’s esports B2B betting business and to expand into new verticals.
Oddin said it has seen strong demand for its solution and had not lost a single client over the last three years.
The company signed landmark B2C contracts with operators such as Betway, Yolo Group and Loot.bet, while concluding major B2B deals with companies including OpenBet, Aspire Global and Altenar.
Oddin co-founder and CEO Vlastimil Venclik said he feels fortunate to receive this investment, which will enable Oddin to scale up operations.
“This round will help us to continue enjoying our exponential growth,” he commented, adding that the development of new services will cement Oddin’s position as a leader within the industry.
Oddin operates on all continents, and recently started offering its services in the US state of New Jersey. The company has also applied for licences in other US states, as well as in Ontario, Canada.
With an almost nine-digit monthly handle in US dollars under management, Oddin delivered a 6.7% average margin to its clients in H1 2022.
The company broke even as of July 2022, a rarity in the esports betting ecosystem.
“We were immediately impressed with Oddin’s best-in-market esports odds products, as well as their broader strategy of building an esports ecosystem to service all of their customers’ esports needs,” Velo Partners commented on the financing round.
Oddin provides betting operators with data visualisations, marketing, odds feed and risk management across esports via its proprietary iFrame solution.
Genting Ventures said: “From an industry standpoint, we see the dynamic potential of esports, and identify Oddin.gg as a key player offering top-tier data and service for its partners in the competitive gaming space.”
The Series A round comes after a successful seed round in early 2020, in which Oddin raised $1.2m.