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Sports betting marketplace WagerWire has raised US$3 million in a seed funding round.
Roger Ehrenberg, who has stakes in Major League Baseball’s (MLB) Miami Marlins and English soccer club Leeds United, led the funding round. Cardinal Sports Capital has also become a key investor in WagerWire through a newly formed accelerator program with HPL Digital Sport.
WagerWire’s new investors also include SimpleBet founder Joey Levy’s 305 Ventures, Full Moon Sports Solutions, Sports Meta, former NJ DGE deputy director George Rover and law firm Cooley LLP. Other early investors include Palantir, Canva and Tesla.
WagerWire allows users to place bets on live movements and momentum swings on the platform or within partner sportsbooks. The platform tracks bets in real-time and allows users to cash out or buy into future bets, as well as buying and selling previously-placed bets.
“Now your bet no longer has to win to make you money,” said Zach Doctor, chief executive of WagerWire.
“People want more control over their betting journey, and the WagerWire marketplace gives them the ability to flip bets like they would a stock on Robinhood, or a pair of Jordans on StockX.”
“We’re thrilled to have such a prolific syndicate in our corner as we bring this product to the masses.”
Ehrenberg added: “As sportsbooks search for cost effective acquisition and retention strategies, WagerWire is a new solution to create a more engaging and social experience for bettors.
“The WagerWire team has a clear vision about how to harness core economic principles in order to create a flywheel effect that drives value for both bettors and sportsbooks.”
