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Two former NFL stars are among the investors and members of an advisory board for a sports betting company planning an entry into New Jersey and beyond.
B2B sports betting platform provider Bet.Works also revealed several other high-profile leaders in business to their advisory board.
Legal Sports Report has learned that two of the investors in Bet.Works are former New England Patriots defensive end Richard Seymour and San Francisco 49ers safety Ronnie Lott. Lott is an inductee into the Pro Football Hall of Fame.
Both have become active venture capitalists after their playing careers.
Bet.Works is the company that will power theScore‘s sportsbook app for NJ sports betting.
Bet.Works has confirmed to LSR a number of other investors which also sit on the advisory board, which is chaired by Dr. Laila Mintas, former deputy president of SportRadar.
More from Mintas:
“The Bet.Works board of advisors was meticulously chosen to ensure that Bet.Works is not only a premier enterprise sports betting platform in the US market today but will be the market leader tomorrow. This select group is comprised of various leaders from complementary industries including capital markets, gaming, esports, media, sports management and championship-level professional athletes.
The US sports betting industry is fast-paced and ever changing and with our board of advisors, Bet.Works will always be at the forefront of innovation.”
Lott and Seymour joining Bet.Works’ team of investors appears to be the biggest role any American athlete has taken with the emerging legal US sports betting market. And it comes as pro leagues, teams and current players become increasingly comfortable with the prospect of legal wagering and profiting from it directly.
As the market further develops with more advanced in-play betting, the maturation of sports tech and the leagues’ increased involvement with the sports betting industry, having former athletes involved with innovation will be something the industry should keep a close eye on.
Bet.Works recently revealed that it had hired MGM Resorts International’s former head of sportsbook, Jay Rood, who joins as their chief risk officer to oversee sportsbook operations. Rood is one of the most respected bookmakers in the nation and ran arguably the largest regulated sportsbook operation in the US while at MGM.
LSR has also confirmed the company struck a deal with Elite Casino Resorts, which operates a trio of casinos in Iowa. The state recently legalized sports gambling.
The company has plans to enter more states that have legalized online betting, as well, and Bet.Works founder and CEO David Wang hinted at that.
“We are very pleased with the company’s progress,” Wang told LSR. “We have no comments at this time, but we will have several significant announcements in the coming weeks.”