In this September 9, 2018 photo, customers watch the sport on a giant screen at the sports book of the … [+] Ocean Resort Casino in Atlantic City, N.J. Panelists at a game conference in Atlantic City, Thursday, June 13th. , 2019, predicted that 90 percent of all U.S. sports betting will be done online or on smartphones in the next 10 years. (AP Photo / Wayne Parry)
Cipher Sports Technology Group, an Australian sports betting company, has raised $ 5 million in a Series A round.
The company plans to leverage profits to expand in the United States, a market where it already has a presence and where it sees excessive potential growth as more people become comfortable betting online. Cipher is also doing business in Australia and plans to expand to other countries in the next 12 to 18 months.
Cygnet Capital, an investment group based in Melbourne, Australia, led the way. A group of individuals of high net worth also participated. Cipher will not disclose its post-money valuation, revenues or other financial information about the company.
Cipher owns and operates consumer websites such as dimers.com in the United States with the company’s proprietary technology that helps bettors predict results in games. The company earns money by advertising on websites, and referrals to online sports books such as BetMGM, DraftKings and PointsBet.
Cipher also generates revenue in the business-to-business channel, including the sale of products and services to sports books and media companies. For example, in May, Cipher closed a deal with Advance Local, a U.S. publishing company, where Cipher’s content and tools are displayed on the websites PennLive.com, LehighValleyLive.com and GulfLive.com which Advance possesses.
Cipher operates in a crowded field that includes major brands such as Action Network, which the Better Collective acquired last year for $ 240 million, and Covers Media Group, which Tribune Media bought in 2015.
“We’ve been able to build a really strong brand and a large database of sports bettors,” said Adam Fiske, CEO of Cipher. “But now that we have the funding and capital, we can really accelerate the growth of this quickly and start competing with current market leaders like Action Network and Covers …. Our goal is to build Dimers in one of the U.S. Most recognized media and content brands. ”
Cipher was formed last November through the merger of iRival Media and Hypometer Technologies, the two Australian sports betting companies. Hypometer focuses on data and analysis, while iRival specializes in content and marketing. The two had previously worked together on projects.
Nick Slade, who co-founded Cipher in 2019 with Fiske, is Cipher’s head of content. Meanwhile, Hypometer co-founders Katie Prowd and Darryl Woodford are respectively the chief operating officer and chief technology officer of Cipher. Hypometer was founded in 2015.
“The meeting was a fairly easy process,” Fiske said. “We have a team of similar people with all different competencies. It just made more sense for us to attack the (US) market together rather than be potentially competitors.”
Although Cipher has strong roots in Australia and a presence here with a website featuring the Australian Football League and the National Rugby League, Fiske said that “90% of our business focus is in the US because the size and the opportunity is so great. “
Fiske added that online sports betting has been legal in Australia since 2001, so the growth potential is not as great as in the United States, which legalized online betting in 2018. From now on , online sports betting is legal in 20 states and Washington. DC is pending in Kansas, Maryland and Ohio, according to the Action Network. The population of Australia is also about 26.1 million compared to 332.4 million in the United States.
Cipher currently has 20 full-time employees, 15 in Australia and five based in its U.S. office in Manhattan’s Flatiron District. It plans to hire 10 additional employees in the coming months, five in Australia and the United States.
Fiske acknowledged that startups like Cipher have had more difficulty raising capital in recent months, as venture capital firms and other investors see economic conditions deteriorating in the coming months. However, he doesn’t see that Cipher is going to raise more money at any time soon.
“Definitely the sentiment in the market has changed,” Fiske said. “You can see this. But we are very confident in what we have developed and so are our investors and shareholders. We are quite bullish on the market in general, and we think it will return quite strongly. It is still a very early time in betting. legal online sports in the United States, so we are very excited about what the future holds not only for us, but for the industry in general. ”
How do you do an algorithm for sports betting?
How do sports betting algorithms work? What is the sports betting algorithm. Sports data companies offer betting solutions powered by AI algorithms which is a mathematical formula that arranges and evaluates data to answer complicated questions. Sports algorithms use relevant data (e.g., team or player statistics) to predict the outcome of sports events.
How do you always win in sports betting?
How do you win in sports betting? Read also : Sports Betting in Indiana: Online Sports Betting Promotions, Caesars Sportsbook Mobile App, Free Bets, Best Bonus.
- Make a Bankroll. This can be the most important step because if you don’t know how much money you would like to lose, things could get out of hand. …
- Study, Study, Study. If you want to win on your own terms, it will take time. …
- Chance of shopping. …
- Don’t trust Touts.
How do virtual betting algorithms work?
The results of the virtual bets are determined by a combination of the given probabilities and a random number generator (RNG). The RNG is intended to provide a certain chance, such as a match or a race in real life. On the same subject : Sports medicine fellowship program. It offers a long chain of random numbers that tell the computer program what to do.
Can betting make you rich?
Sports betting is unlikely to make you rich unless you turn it into a full time job and become one of the best bettors in the world. On the same subject : Travel agents in the Rockford area look forward to getting back to normal. It’s an extreme statement and before you get rich, it’s important to remember that only a small percentage of sports bettors are simply profitable.
How do you get rich from sports betting? Get rich with sports betting
- Money management. …
- Betting value. …
- Bankroll readjustment. …
- Be familiar with the expected value of a bet. …
- Look for Strong Underdogs. …
- Check for injury reports and sports news. …
- Focus on One Sports or League. …
- Bill Benter.
Are there millionaires from sports betting?
Regardless of his legal backgrounds, Billy Walters is the original sports betting millionaire and an icon in the industry.
How do you cheat on sports betting?
Matched Betting Another way to “cheat” legally when betting on the sport would be to remove a bonus or a free bet and bet on opposing results to guarantee a profit. It’s similar to arbitrage betting because the overall goal is to make money from the same event, no matter what.
Which sport is the easiest to win bets? 1. Tennis. Yes! Tennis is one of the easiest sports to bet on and predict the winner.
How do you spoof a location for sports betting?
Select a VPN server location from your home country (where you usually access the betting site) Enter the sports betting or online gambling site and you should be able to play as usual. If you have any problems contact VPN customer support. Changing the VPN protocol or other settings often solves the problem.
