Sports IQ announces its sports betting presence, raises $7 million

The U.S. sports betting expansion shows no signs of slowing, and Sports IQ, a betting tech provider, is the most recent company to benefit from the scramble to provide the best possible service to the growing customer base.

Sportico reported that Sports IQ raised $7 million in seed funding from a group that carries with it deep ties into U.S. pro sports.

The members of the group, led Harlo Equity Partners, include New England Patriots owner Robert Kraft (the Kraft Group), former Red Sox and Cubs exec Theo Epstein and current Red Sox CEO Sam Kennedy.

NEWS: Gambling tech startup Sports IQ has raised a $7 million seed round from a group that includes the @Patriots owners (the Kraft Group), former @Cubs exec Theo Epstein, @RedSox CEO Sam Kennedy and others. https://t.co/i59bj0cwbF

— Eben Novy-Williams (@novy_williams) May 12, 2021

Also included are Fenway Sports Group president Michael Gordon, gaming investment firm Velo Partners, Inner Circle Ventures and Seattle Kraken (the National Hockey League expansion team) minority owner Mitch Garber, a former Bovada executive.

As far as what Sports IQ actually does, it describes the mission on its website:

Leveraging a strong background in odds generation with proprietary mathematical models, our innovative handicapping methodology is a first-of-its-kind. Our technology focuses on catering to US bettor’s love for live betting markets. Our event-side and player proposition markets offer our clients innovative product lines to complement their offerings.

Sports IQ will seek to use the money for product development, but a key strategy from the arrangement will be to take advantage of the accumulated knowledge of those partners to better serve the sports betting clients.

Co-founder and CEO Omer Dor said he’s eager for that expertise – as well as the investors’ connections.

“We are thrilled to welcome this distinguished group of investment professionals, seasoned gaming executives, and professional sports team leadership from the NFL, MLB, NHL and EPL to our team,” Dor told Sportico. “We have tremendous respect for them and for their proven legacy and history within the sports industry as a whole.”

The Sportico report cites 45% of the U.S. population as living in a state with legal sports betting, with that cut certain to rise in the next few months and years.

Sportsbooks face competition around every corner and companies such as Sports IQ allow for a sophisticated asset that lends legitimacy for the avid sports bettor.

Analytics has seen a tremendous influence across the major U.S. sports over the past decade, and, as the Sports IQ website says, clients will see the benefit in the gambling marketplace.

“Using machine learning,” the site says, “Sports IQ’s player performance and market generation technology is able to create advanced and unique lines across hundreds of betting markets, for both pre-match and live game dynamics.”

Sports IQ, founded in 2018, boasts hundreds of markets, 25+ years of experience and more than 12,000 events covered each year. The technology includes every major U.S. sports league as well as some college sports, the WNBA and the Canadian Football League.

Sportico reports its current clients include IGT, Bet.Works (owned by Bally’s) and Betclic.

Live, in-game wagering is a specialty for Sports IQ and, as for the benefits to sportsbook operators, Dor’s company offers back-end services including automated trading controls, cash-out options, enhanced betting products as well as team and player props.

The company underscores its unique approach in live betting.

“As we usher in this new era in sports entertainment—one in which sports betting, fantasy, media and data are all becoming one cohesive part of the overall fan engagement experience—we look forward to continuing to build cutting edge products that service that growth,” Dor said.