Malta Licensed Sports Book SportingWin opens €1m funding round
Operator seeking investment ahead of its imminent launch in Bulgaria where it plans to become the second largest brand in the market
SportingWin, the fast-growing online sports betting brand, is actively seeking investment ahead of its imminent launch in the regulated Bulgarian market.
The Malta-licensed operator is offering up to €1m in equity for investors keen to leverage the huge potential it sees for the business in regulated markets across Eastern Europe.
The investment will be used to ensure that SportingWin is well capitalised and that it can build out the required infrastructure in Bulgaria to deliver a superior player experience.
SportingWin has identified Bulgaria as being the most significant market in the region and believes it will increase from a market value of €300m per year to €500m per year over the next five years.
The operator is in the final stages of securing its licence from the National Revenue Agency and will become only the fifth licensee in the market when it goes live.
On entering the market, SportingWin believes it will quickly become the second largest brand thanks to its cutting-edge proprietary platform and marketing leading customer support.
SportingWin, which is part of the Sporting Group, will also be the first to launch an exchange betting product in the market through the Betfair Exchange.
In a recent report, Nielsen valued SportingWin brand equity in Bulgaria at €1m.
Mark Chakravarti, Head of Investment and Board Director at SportingWin, said: “In SportingWin we have a brand, platform and product that has everything it needs to succeed in Bulgaria and beyond.”
“We are seeking investment as we want to make sure that we are well capitalised and can deploy our expansion plans efficiently and effectively.”
“We see huge potential in Bulgaria and other regulated markets we have lined up for launch and believe we will be able to deliver a 13x cash-on-cash return to our shareholders within three years.”
“We have already had considerable interest in our funding round, and I look forward to speaking with potential investors keen to share in what will be a hugely successful journey for SportingWin.”