SoBet
Sports betting media platform.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor investor | €0.0 | round |
* | $3.7m | Seed | |
| Total Funding | 000k | ||
SoBet operates as a sports betting media platform, positioning itself as a source of content from independent experts to inform the next generation of sports bettors. The company was founded in 2022 by Cooper Lycan and Ron Reeves. Lycan, the current CEO, is a West Point graduate and former Army Ranger who served a tour in Afghanistan. His military background provided him with leadership experience that he transitioned into his entrepreneurial venture in the sports betting world. He moved to Nashville in January 2022 to establish the company.
The Nashville-based firm targets the emerging sector of creator-led sports coverage. SoBet's business model is centered on a subscription-based service that provides users with sports betting insights, analysis, and community-driven content for a monthly fee. The platform does not facilitate actual gambling or real-money wagering but serves as an informational and educational tool. Revenue is generated through these subscriptions, with creators receiving a percentage of the fee from the subscribers they bring to the platform. SoBet also generates income through partnerships with professional sports leagues. The company has reported scaling to over $1 million in annual revenue.
The platform aggregates content from over 75 independent creators, delivering nearly 5,000 posts per month, ranging from in-depth game analyses to entertainment-focused content, to an audience of over 10 million. This content is presented in easily digestible formats such as articles, videos, and podcasts. The service launched its mobile application at the start of the 2023 football season. Since its inception, SoBet has onboarded tens of thousands of paying customers and sees thousands of daily user engagements. The company has successfully raised $3.7 million in seed funding, led by Third Kind Venture Capital, with participation from other investors including Techstars, InvestTN, and Neer Venture Partners. These funds are intended to be used for product development, UX design, and growth marketing.
Keywords: sports betting media, content platform, sports analytics, creator economy, subscription service, sports betting tips, fan engagement, sports entertainment, Cooper Lycan, Nashville startup, sports information, betting insights, daily fantasy sports, sports community, sports content creators, responsible betting, sports media platform, venture capital, seed funding, Third Kind Venture Capital