Lucra Sports, which operates a peer-to-peer sports gaming platform, on Wednesday announced the completion of a $10m Series A funding round.
The company said the investment was led by Raptor Group, including participation from SeventySix Capital and Victress Capital.
Individual investors such as Milwaukee Bucks owner and Avenue Capital founder Marc Lasry, professional tennis player John Isner, and NFL Pro Bowl wide receiver Emmanuel Sanders, also participated in the funding round.
Lucra Sports says it makes social-first wagering possible, allowing fans to legally wager with their friends across 37 states.
The company cited research that found the sports betting industry brought in $131.1bn in revenue in 2020 and is slated to deliver revenue of approximately $179.3bn by 2028. Lucra said its app offers a new form of social engagement to avid sports fans and makes sports wagering more approachable for casual fans with its peer-to-peer gaming marketplace.
Players compete against each other instead of casinos or traditional sportsbooks and can wager any dollar amount in highly customizable skill-based contests. Lucra says it spent 18 months building a legal framework inclusive of banking, payment processing, compliance, Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations across 37 states for sports wagering before launching in October 2021.
The company currently allows wagering on the NFL, NBA, MLB, NHL, PGA Tour, tennis (WTA and ATP), and soccer (MLS, UEFA Champions League, Premier League). The technology also is applicable for eSports (League of Legends, Counterstrike), and Lucra said eSports wagering will be added to the community this summer.
“The magic of Lucra is that it amplifies moments around live sports and allows you to connect with other sports fans through friendly competition,” Lucra Sports founder and CEO Dylan Robbins, said in a statement. “We are focused on approachability, removing complex jargon and simplifying the wagering experience to allow sports fans to interact with their friends. Passion-filled banter and social interaction are at the core of Lucra and allow for a lighthearted and fun approach to real-money wagering.”
Raptor Group’s Anthony DiSanti, a newly appointed member of the Lucra board of directors, added: “We believe Lucra is changing the way sports fans engage with each other by bringing a social-first gaming experience to everyone, whether they are in the stadium, sat in a bar or watching games at home. Dylan and the Lucra team have the vision, experience and strategy to totally disrupt the in-game sports wagering category. Their focus on compliance and security first, followed by the user experience, has enabled them to create a marketplace well positioned to attract a wide audience, and keep fans consistently engaged over time.”
