RotoQL, direct-to-consumer sports data and analytics company, said it raised $3 million in a seed round bringing total funds raised to $4.7 million.
The most recent round was led by an early FanDuel investor, Karlani Capital. Boston Seed Capital, Velo Partners, Azure Capital, Oakvale Capital and sports information provider Don Best also participated in the round. RotoQL has previously raised capital from notable angels including David Stern, former commissioner of the NBA, and Ralph Topping, the ex-CEO of William Hill.
The company said the injection of capital will be used to accelerate growth of their existing business lines which include data products aimed at the daily fantasy and season long fantasy markets. The proceeds will also go towards launching BetQL, an analytics platform for sports betting. BetQL will focus on providing data designed to aid players in “bet discovery” — guiding them to the value on the betting board. The product will be launched against the possibility of a positive ruling in favor of New Jersey to overturn the Professional and Amateur Sports Protection Act, or PASPA.
“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,” said Justin Park, CEO and Founder of RotoQL. “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.”