An investment fund focused on online gambling in the United States has raised more than $ 50 million for his first fund.

Capital of the bettor, founded by the old Bar stool and FanDuel executive David VanEgmond, announced the details of the increase on Wednesday.

VanEgmond said the $ 50 million was just the first close of capital commitments, with an ultimate target increase of $ 120 million.

Details of Bettor Capital Fund I

The firm Fund I will focus on early stage investment opportunities in real money gaming software and technology. Investments will focus on the US market and on the B2B side of the sector.

Early stage investors in US sports betting have typically taken a “pick and choose” approach to start-ups.

This means investing in companies that provide services to giant operators, rather than competing with them.

Knowledge of the field of sports betting

For example, Bettor Capital announced last week its first investment in a supplier Data Skrive. Data Skrive generates automated previews for sporting events that could potentially encourage betting placement.

“We frankly think there probably won’t be another FanDuel or DraftKings, so we’re not focusing on B2C,” VanEgmond told LSR. “We like high-margin B2B software companies that won’t require as much capital to scale as they won’t need huge customer acquisition budgets. “

VanEgmond said online gambling is a potential $ 50 billion market in annual sales by 2030.

“We can find and invest in innovative software companies in this industry’s supply chain that are ready to harness this (total addressable market) well. Plus, we think we can get the best deals because we’re the only fund dedicated to this space, ”said VanEgmond.

New advisory board for Bettor Capital

VanEgmond is joined at Bettor Capital by Jake kleiner, who led the early stage investment practice at American Bank and was previously an investment professional at Vista Equity Partners.

Along with the initial increase, Bettor Capital also set up a board of advisers, comprising:

• Melissa Blau, founder of Video game capital
• Julie Haddon, former SVP of Global Brand & Consumer Marketing for the NFL
• Steve Kaplan, co-owner of several professional sports teams including DC United and City of Swansea
• Carl Sottosanti, former executive vice-president and general counsel of Penn National Gaming
• Carl Vogel, former chairman of the board of FanDuel

Editor’s Note: Legal Sports Report’s parent company has a business relationship with Data Skrive.