Sports data and analytics startup RotoQL has announced it has raised an additional $3 million in seed money as it prepares for the possibility of national Nevada-style sports wagering. The company has now raised $4.7 million.
According to the New York Business Journal, the early FanDuel investor Karlani Capital led the new funding effort that also includes Boston Seed Capital as a returning investor, along with Velo Partners, Azure Capital, Oakvale Capital and Don Best, the Las Vegas-based sports information provider.
The announcement comes just a year after RotoQL secured $1.2 million from Boston Seed Capital and daily fantasy sports luminary Saahil Sud, investor Tim McSweeney, VegasInsider owner Mark Mariani and others
RotoQL has additional backing from former NBA Commissioner David Stern as well as Ralph Topping, the ex-CEO of William Hill.
The U.S. daily fantasy sports business is now projected to be worth $1.2 billion annually.
Regarding possible national Nevada-style sports wagering, RotoQL chief executive Justin Park told New York Business Journal, “We see it as an over $6 billion annual opportunity in the U.S. regulated sports betting market by 2023 with only a subset of states participating,”
Park co-founded RotoQL in 2015 with Frank Kim and Mike Shiekman with the mission of becoming the world’s leading provider of tools and analytics for the fantasy sports community. Since then, the company's software has become known for its predictive analytics, data and workflow tools, which users employ on major fantasy sports sites, such as FanDuel and DraftKings.
The company now has 15 employees and was profitable 12 months after it first launched, according to Park
“The industry will need to reduce the friction for bettors who are currently wagering through offshore services, and especially address new bettors who are not wagering at all because they view it as too complicated,” Park said.
Park says the new funds will be used to fortify RotoQL's data products, which are aimed at both daily fantasy and season long fantasy markets, as well as launching BetQL, a new analytics platform aimed at the broader sports wagering public, should the Supreme Court, in the next few months, declare unconstitutional the current law banning single-team wagering in every state except Nevada.
Park told GamingToday via e-mail that BetQL, when released, will be a data and analytics mobile app for sports betting. “Our ultimate goal with BetQL is to strengthen the industry’s middle class player economy. By better informing and educating casual and new sports bettors through data/analytics, we will ensure a healthy player base and longevity for the industry as a whole,” he wrote.
“QL” is a computer programming term used to simplify access to database information by making access to information concise, intuitive and reusable.