December 11, 2023 2 min read

likes:

DAZN Seeks to Raise $1B in Funding, Reports Say

This follows DAZN’s decision to postpone its IPO attempt

Sports streaming service DAZN is seeking ways to raise fresh funding, reports say. According to Bloomberg, the sports streaming giant wants to raise as much as $1 billion through various initiatives.

The reports claim that DAZN Bet has been discussing the matter with potential advisers and eyeing a range of capital-raising strategies. Bloomberg also implied that DAZN might come up with a definitive plan within a few months.

This news comes a few months after DAZN put its initial public offering plans on hold amid devastating losses and because of heavy market headwinds. The company reported a loss of £2.3 billion in 2021, causing it to rethink its strategy and postpone its IPO ambitions.

While an IPO is not yet out of the question, DAZN seems to be exploring alternative ways to generate funding. However, the company has yet to confirm whether this report is correct.

DAZN Wants to Be Self-Sufficient

DAZN’s goal is to become an independent streaming company that doesn’t have to rely on its sports betting business to be sustainable. According to Shay Segev, DAZN’s chief executive officer, DAZN should remain independent of its betting arm, leaving betting as an additional revenue stream.

In earlier interviews, Segev said that he isn’t necessarily hellbent on making DAZN go public but believes that the move would “make sense” as he hopes to follow the success stories of Amazon and Netflix.

DAZN has already secured sports media rights for a number of influential sports leagues, cementing itself as the biggest sports broadcaster in Europe.

Speaking of DAZN Bet, the company’s betting division secured access to the German market a few months ago, solidifying its European reach.

In November, DAZN Bet also formed a partnership with Pragmatic Play, which powered the operator’s business in Spain.

Journalist

Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at GamblingNews.com is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.

Leave a Reply

Your email address will not be published. Required fields are marked *