Technology venture capital firm SeventySix Capital has opened up a second round of funding aimed at betting, esports, and sports technology companies. Led by investors like Arthur Blank (owner of the Atlanta Falcons) and Robert Nutting (owner of the Pittsburgh Pirates), the fund is expected to be around $50 million when fully capitalized. Several current and former professional athletes have contributed as well.

"This next fund is an important milestone as we continue building SeventySix Capital as the go-to investment company in the sports industry," said Wayne Kimmel, SeventySix Capital managing partner. "We have proven that we have access to the deals and entrepreneurs seeking to transform the sports world and that we are able to help them build their businesses with our capital investment as well as our sports relationships, knowledge, and expertise."

The new fund plans to invest in startup companies that SeventySix Capital believes are "disrupting and innovating the sports industry through the use of analytics, data, and technology." In particular, SeventySix Capital aims to capitalize on the growing legal sports betting industry.

The American Gaming Association (AGA) has already confirmed that US commercial gaming revenue for the first seven months of 2021 nearly matched the entirety of 2020, and is 17.4% ahead of the same period in 2019. Gambling giant DraftKings believes the US online sports betting market could eventually be worth $22 billion, assuming there is 100% legalization among states.

(All information was provided by SportsPro Media)