Las Vegas-based Metric Gaming has raised $10 million from new and existing investors to compete in the expanding US sports betting market.
The company was founded in 2012 by CEO Martin de Knijff, who told TotallyGaming:
“The principle reason that we established Metric Gaming in Las Vegas back in 2012, was that we believed there was at least a 50% chance that sports betting in the US would be legalized within 5 years, with a 90% chance that it would come about within 10 years.”
“This investment will accelerate Metric Gaming’s plans to capitalize on the substantial market opportunities arising as states across the U.S. continue to legalize sports betting.
Metric’s B2B value proposition – “a turnkey, mobile-optimized solution that includes the transaction platform, front-end, trading, operations, risk management, product and unique content – is backed by pedigree and expertise built on both sides of the Atlantic, and will enable operators to quickly and efficiently capture market share.”
Most big boys have already made their deals
Since SCOTUS overturned PASPA, there has been a flood of deal announcements as casino groups have teamed up with technology partners. Some of the biggest headline deals have been:
- GVC, MGM and Boyd Gaming
- Caesars and Scientific Games
- William Hill and Eldorado
- William Hill and IGT
Against this background, Metric Gaming has a challenge ahead. But even though some of the biggest casino groups have already found partners, there remain many smaller operations that have not yet finalized their sports betting plans.
Metric’s management team knows the space
Knijff is a former World Poker Tour champion and professional sports bettor. He has assembled a management team that has a strong background in the firms he is now competing against. He says that since 2012;
“we have maintained our US pedigree and base in Las Vegas, building both our expertise in US sports and our portfolio of patented innovative products, but at the same time we have expanded into Europe, building a strong trading and operational base headquartered in London, UK, where we have recruited experienced industry veterans to build a scalable B2B sports betting business, adding mainstream proprietary content to our already innovative approach.”
The senior management team has experience in companies such as Betfair, William Hill and NYX Gaming. They are using that industry knowledge to create a more technologically advanced and differentiated offering.
In an article for SBCAmericas, Will Harris, Metric’s commercial manager, explained one area where Metric believes it has an advantage:
“Knowing your customer is the single most important activity any sportsbook will undertake and Metric’s next generation risk management tooling and experienced trading team are capable of identifying unusual betting patterns quickly and effectively to protect both the integrity of betting markets as well as vulnerable gamblers.”
Funding provided by RDA Ventures
The new funds have been provided by RDA Ventures. President David Broser commented:
“The combination of Metric’s product suite, services and management talent made this an easy investment for us. Metric is uniquely positioned as a sports betting B2B provider with advanced expertise that’s rare in the U.S., and we’re excited to be on the ground floor with such a compelling player in the nascent legalized U.S. market.”
Metric will kick off its US sports betting marketing effort next month with a stand at the G2E Las Vegas.