A sports content brand is expanding its reach in America’s gaming market.
Basketball Forever has announced that it has closed a $4 million Series A funding round to scale business operations and enhance its portfolio of free and real money games. The round, led by Yolo Investments, included Astralis Capital Management, Andover Ventures, former Pinnacle Sports CEO Paris Smith, and Acies Investments’ Chris Grove.
“This investment from so many leaders and well-respected voices in the sports betting and gaming space is illuminating,” said CEO and co-founder of Forever Network Alex Sumsky. “It shows that not only is Basketball Network going down the path of profitability as a media company, but that expanding into sports betting and daily fantasy is the right move.”
Basketball Forever is receiving an influx of fresh capital following the recent debut of its first North American-focused game, Hot Hands. The title is a free-to-play bingo-style game that made its market debut in North America during NBA All-Star Weekend last month.
February’s launch of Hot Hands saw more than 10,000 users engage with the game.
More free-to-play options
Basketball Forever’s latest funding round comes as free-to-play gaming grows in popularity.
Earlier this week, social sportsbook Rebet launched in 47 states across the country. The platform, founded by a group of Dartmouth College students, offers free-to-play markets, and peer-to-peer contests through real-time data provided by Sportradar. Rebet users have wagering and contest options from more than 60 professional and college sports leagues.
Rebet, which uses a sweepstakes system as its wagering framework, has yet to gain market access in Michigan, Idaho, and Nevada due to regulatory hurdles.
