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SeventySix Capital establishes $50m sports betting fund

SeventySix Capital establishes $50m sports betting fund

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US venture capitalist SeventySix Capital has formed a second venture capital fund focused primarily on sports betting. This latest fund is expected to reach $50m when fully capitalised and includes investments from Pittsburgh Pirates owner Robert Nutting and AMBSE Ventures, an investment fund backed by Atlanta Falcons owner Arthur Blank. The first SeventySix sports betting fund raised $40m. Retired NFL players Brian Westbrook, DeMarco Murray and James Develin are also investors, along with Buffalo Bills wide receiver Emmanuel Sanders. Pennsylvania’s Ben Franklin Technology Development Authority allocated $1m toward the fund. SeventySix has also divested itself of a number of ventures this year. In February, it sold sports betting operator Vigtory to FuboTV for $37.2m. In March, it sold sports content house Team Whistle to Eleven Sports, a broadcaster founded by Leeds United owner Andrea Radrizzani, and also in February, it sold sports betting media network VSiN to DraftKings for $70m. The VC firm’s latest fund aims to profit from a market that could be worth $22bn once sports betting is legalised across all 50 states and is also expected to back esports and sports data companies.