DubClub, a Chicago startup that connects sports bettors with handicappers, raised new funding to help people win more bets, and help handicappers (or "cappers") earn money for sharing their picks.
The deal: DubClub raised a $7.5 million round led by Roseanne Wincek of Renegade Partners. Other backers include Dave Gilboa, the co-founder and co-CEO of Warby Parker. The startup has now raised more than $10 million to date. TechNexus Venture Collaborative was an early investor in DubClub.
What they do: DubClub, based in Chicago coworking space TeamWorking, built a platform that helps cappers make money by offering their expert picks to sports bettors. Users follow and subscribe to their favorite cappers and pay for their gambling advice.
This system helps cappers monetize their sports betting knowledge and build a following as betting content creators, while also helping manage subscriptions, deliver real-time content, and utilize marketing tools to grow their revenue.
For bettors, it aims to give them a leg up by providing access to cappers with sharp picks.
Growth: DubClub has facilitated more than $50 million in payments to cappers, with more than 6 million purchases between bettors and cappers.
The U.S. sports betting industry has grown into a $10 billion industry since it was legalized by the Supreme Court in 2018 and is expected to grow to a $45 billion a year industry as the market matures, according to Goldman Sachs.
Industrial and Manufacturing Tech • Mainblades