• Loading stock data...
Friday, March 29, 2024
2024 Best Venues nominations are open now through April 8! Submit Now

SeventySix Capital Forms $50M Sports Betting Fund

  • SeventySix Capital has formed a second venture capital fund focused primarily on sports betting.
  • The fund is expected to reach $50 million when fully capitalized.
Jason Getz-USA TODAY Sports/Design: Alex Brooks

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. 

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

The NFLPA Report Card Is Doing Exactly What It Was Intended For

Robert Kraft hasn’t gone to school in nearly 60 years, but on Tuesday the Patriots’ owner found himself talking about his report card. 

How Lack of Planning by NCAA, Gonzaga Led to Racial Abuse of Utah Athletes

The NCAA gave Gonzaga a waiver to place teams in an extremist hotbed.

NCAA President Calls for Nationwide Ban on College Prop Bets

The NCAA president is reacting to the recent betting turmoil in sports.

It Remains Unclear Which Authorities Shohei Ohtani Has Reported Theft of Millions to, If Any

A federal investigation is ongoing, but it’s not clear what it covers.
podcast thumbnail mobile
Front Office Sports Today

MLB Opens Season With MLBPA, Ohtani, and Ownership Dramas

0:00
0:00

Featured Today

March 22, 2024, Brooklyn, NY, USA; Northwestern Wildcats guard Brooks Barnhizer (13) and Northwestern Wildcats guard Boo Buie (0) react in overtime against the Florida Atlantic Owls in the first round of the 2024 NCAA Tournament at the Barclays Center.
March 27, 2024

‘An Expensive Game’: March Madness and NIL Collectives Are Intertwined

At schools nationwide, collectives are fueling NCAA tournament runs and vice versa.
Iowa’s Caitlin Clark (22) waits to be announced in the starting lineup against West Virginia in a NCAA Tournament round of 32 game Monday, March 25, 2024 at Carver-Hawkeye Arena in Iowa City, Iowa.
March 26, 2024

The Women’s Trading Card Market Is Overlooked. Can Caitlin Clark Change That?

Traditionally, women’s sports cards have been a marginal part of collectibles.
The Sports Illustrated cover signed by Derek Jeter and Alex Rodriguez, February 27, 2019, at Don & Charlie's, 7501 E. Camelback Road, Scottsdale. Don Charlie S
March 24, 2024

Everything You Need to Know About the Ongoing ‘Sports Illustrated’ Saga

Understanding the strange state of affairs for the nearly 70-year-old publication.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Adidas
Multiple - USA Careers
Spotify
Multiple - USA Careers

NCAA Wants to End Prop Betting on College Sports. Will It Succeed?

The announcement comes just days after the NBA began investigating a prop scandal.
March 26, 2024

NBA Investigating Raptors Center Jontay Porter Over Suspicious Prop Bets

The league is looking into ‘multiple instances of betting irregularities’ in recent months, ESPN reported.
March 26, 2024

Grading Ohtani’s Explanation: ‘I Would Give It an A’

A crisis management expert gives his reaction to Front Office Sports.
Sponsored

How Daily Fantasy Sports Solved NBA Fantasy

The remarkable growth of the #1 Discord sports server in the world.
March 25, 2024

Ohtani Emphatically Denies Any Knowledge of Translator’s Gambling

The MLB superstar insists his former translator has engaged in ‘theft and fraud.’
March 25, 2024

Ohtani Will Address Betting Situation. Will He Provide Clarity?

MLB said an investigation into the betting scandal is underway,
March 22, 2024

The Gambling Scandals Are Only Beginning

What is coming next after Shohei Ohtani is so much worse.
March 22, 2024

Bookie at Center of Ohtani Scandal Reportedly Encouraged Belief Star Was a Client

Mathew Bowyer is said to have allowed customers to think Ohtani bet with him, to boost business.