Boom Entertainment has closed a $15 million Series A funding round to help the company expand into real money gaming.
The round was led Sands Capital, an investment firm with $80 billion under management that previously invested in Golden Sands.
The Boom round also included investment from:
- New England Patriots owner Robert Kraft.
- Former MGM CEO Jim Murren
- Eilers & Krejcik partner Chris Grove
- ESPN analyst Adam Schefter
- Golden Nugget Online Gaming
- Rush Street Interactive
- And more.
Boom said the cash would help it develop new real-money games for US sports betting and online casino.
Who is Boom?
Boom started out with B2C fantasy games but is now focused on the B2B side of the industry. It currently provides free-to-play games like the NBC Sports Predictor.
Earlier this year the company hired former DraftKings director of sportsbook Chris Fargis to lead its real-money sports division.
CEO Stephen Murphy said the company aimed to bring some innovation to the sector.
“Sports fans and casino players are craving something more – new products and new games that will transform how they consume sports and how they are entertained,” said Murphy.
“With this capital infusion, we will redefine what real-money gaming looks like by introducing new ways to bet on sports and new experiences for players.”
Boom timeline
Following the investment, Boom will unveil its first wave of casino games to partners in the coming months. Proprietary sports betting games will follow “shortly thereafter”.
The investor list might also hint at some potential partners for the forthcoming games.
Differentiation in a crowded marketplace
“Boom is in an enviable position as the premier provider of technology and games in an industry that is rapidly expanding and increasingly in need of product differentiation,” said Scott Frederick, partner at Sands Capital.
“Boom offers the entire continuum, from mass-casual free-to-play gaming products to fantasy sports to online casino and sports betting games. They are the go-to partner for any company looking to maximize their opportunity in this category.”
