The Vegas Stats and Information Network (VSiN) has a bulge in its bank account this week.
A VSiN investment is the newest target in a series of strategic plays by SeventySix Capital, a firm that counts former MLB slugger Ryan Howard among its partners.
According to a press release issued Monday, the group “will help VSiN create and distribute compelling and actionable sports gambling content across a growing number of platforms.”
Neither party disclosed the terms of the investment, but Technically put the number somewhere south of $1 million.
VSiN gets a cash infusion
Expect to hear a lot from VSiN going forward.
Launched last year, it’s the first omni-channel media network devoted entirely to sports betting. Broadcasting icon Brent Musburger and his nephew Brian are the brains behind the Nevada-based operation.
Musburger has been incorporating betting references into broadcasts for decades, and this new platform brings the conversation into broad daylight. It may turn out to be the sharpest bet the ol’ legend has ever placed.
VSiN has already grown from three hours of daily programming into a thriving, 24/7 network available via webcast and SiriusXM. The recent decision to end federal prohibition of sports betting from the US Supreme Court created a surge in demand for related products and platforms.
Brian Musburger says SeventySix is an “essential partner” with significant experience to leverage.
This investment comes at an exciting time, as the legalization of sports gambling across the country is driving an evolution within the sports media space. This will change the way people watch sports.
We couldn’t be more thrilled that Wayne, Ryan and the SeventySix Capital team are taking this ride with us.
Wayne Kimmel and Jon Powell are the other primary investors alongside Howard.
SeventySix targeting the modern sports industry
SeventySix is a $10 million venture capital firm with a focus on the sports technology space. The group is based near Philadelphia, the city Howard called home for the duration of his 13-year pro baseball career.
Here’s Howard on the firm’s focus:
If someone is going to place a sports bet, credible information is crucial. My partners and I at SeventySix Capital are investing in the elements within the sports betting industry that consumers need, including data collection, analytics and, now, media.
VSiN is seeking to expand its video capabilities and data offerings, a mission SeventySix will support going forward. The firm also maintains an interest in sports data companies Swish Analytics and ShotTracker, along with esports venture N3rd Street Gamers.
Kimmel sees the VSiN project as a huge financial opportunity for the firm.
The sports betting industry is projected to be over $250 billion by 2020 and we believe that VSiN is positioned to capture a significant share of the media and analytics segment of this new market. We’re excited to partner with the VSiN team to build the media network for the sports betting industry.
A number of SeventySix’s previous investments have exited to Fortune 500 companies, including IBM, Intel and Yahoo.