November 30, 2023 3 min read

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Picklebet Secures AUD 15M in Series A Funding

Investment firm Discerning Capital was the primary driving force behind this initiative, securing the participation of several industry leaders

In a significant stride towards expansion and innovation, Picklebet, the Australian avant-garde betting and media company blending esports, sports, and internet culture, announced the successful closure of its AUD 15 million Series A funding round. Substantial investor interest highlighted the operator’s significant potential and will help it capture a market niche with its unique and innovative offering.

The Operator Has Developed a Novel Strategy

Picklebet’s proprietary Online Sports Betting (OSB) platform has carved a niche by offering an immersive and future-oriented betting experience. Starting as a frontrunner in the esports OSB realm, Picklebet expanded its portfolio to include sports and racing, responding to customer demand. The platform delivers diverse betting options, including singles, parlays, same-game/race parlays, and outrights.

Nick Heaney, CEO of Picklebet, expressed excitement about the substantial growth experienced over the past year. He cited a staggering 494% Year-over-Year (YoY) surge in net gaming revenue (NGR), highlighting the operator’s commitment to cater to leveraging cross-department synergies, satisfying the evolving preferences of the next generation of betting enthusiasts.

This investment validates our innovative in-house betting product and organic media strategy and the value it delivers to the next generation of betting customers.

Nick Heaney, Picklebet CEO 

Picklebet’s media division, Pickle Studios, is another cornerstone of its business, swiftly emerging as a prominent sports betting media brand with engaging and culturally relevant content. With a focus on original and short-form humorous content, Pickle Studios has garnered over 60 million impressions on leading social media platforms in 2023, fostering robust brand awareness and cost-effective customer acquisition for the OSB product.

Additional Capital Will Bolster Growth and Competitiveness

The latest round of financing, led by Discerning Capital, a distinguished growth-stage investment firm specializing in online gambling, sports, media, and technology, marks a pivotal moment for Picklebet. The funding round saw robust participation from notable industry leaders, including Drive by DraftKings, Manifest Investment Partners, and Jeff Sagansky, an esteemed wagering and media investor.

Discerning Capital Managing Partner Davis Catlin emphasized the unique blend of technology, content arm, rapid growth, and efficient user acquisition, making Picklebet an immensely compelling investment opportunity. The extra funding will be instrumental in realizing the operator’s goal of transforming the global betting and entertainment landscape and carving a sustainable market niche.

We have been working closely with the team and have the utmost confidence in their ability to execute their vision.

Davis Catlin, Discerning Capital Managing Partner

The collaboration signifies a pivotal step towards expanding Picklebet beyond Australian borders as it aims to leverage strategic partnerships to drive new growth and product development. Substantial investor interest highlights that the company’s innovative vision holds significant merit. Industry stakeholders will keep a keen eye on Picklebet, judging the effectiveness of its innovative

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