Tuesday December 5, 2023

Minute Media Raises Capital from FanDuel, Wynn

Ryan Armbrust, Cincinnati Enquirer/Design: Alex Brooks
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Asaf Peled, CEO of The Players’ Tribune and The Big Lead’s parent company, Minute Media, told Axios the company raised “tens of millions of dollars” in an unreported round, with investments from FanDuel and Wynn.

The funding, which was reportedly raised several quarters ago, builds upon an existing relationship.

  • Minute Media launched fantasy sports and sports betting platform The Duel in partnership with FanDuel in 2018. 
  • Adam Kaplan, FanDuel’s general manager and vice president, says readers of The Duel have bet over $10 million through FanDuel since 2020.

Minute Media raised $40 million at a valuation thought to be north of $400 million in February 2020. Peled would not disclose the company’s current valuation, but hinted it could be more than $1 billion.

FanDuel recently launched a sports betting partnership with the Associated Press, extending its list of content deals across media. Kaplan said it’s “definitely” looking for more that are similar.

In the first half of 2021, FanDuel’s parent company Flutter recorded a 159% year-over-year increase in revenue to $902.89 million, with the FanDuel brand investing more than $1 billion in marketing since 2018.

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