SeventySix Capital Forms $50M Sports Betting Fund

SeventySix Capital has formed a second venture capital fund focused primarily on sports betting, and it’s expected to reach $50 million when fully capitalized. 

The new fund includes investments from Pittsburgh Pirates owner Robert Nutting and AMBSE Ventures, an investment fund backed by Atlanta Falcons owner Arthur Blank. The first SeventySix sports betting fund raised roughly $40 million, according to a 2017 SEC filing.

Retired NFL players Brian Westbrook, DeMarco Murray, and James Develin are also investors, along with Buffalo Bills wide receiver Emmanuel Sanders. Pennsylvania’s Ben Franklin Technology Development Authority allocated $1 million toward the fund. 

SeventySix has offloaded a number of ventures this year. 

• It sold sports betting operator Vigtory to FuboTV for $37.2 million in February. 
• In March, it sold sports content house Team Whistle to Eleven Sports, a broadcaster founded by Leeds United owner Andrea Radrizzani. 
• The same month, it sold sports betting media network VSiN to DraftKings for $70 million. 

The VC firm’s fund aims to profit from a U.S. sports betting market that could be worth $22 billion once betting is legalized across all 50 states, according to DraftKings. 

SeventySix’s new fund is expected to back esports and sports data companies, as well.