Based in the French capital of Paris, the start-up odds company PandaScore, who provide esports betting companies with real-time data for their markets, has announced that it has raised around €5 million ($6 million) in a recent funding round.
The company have announced that this funding will be used to expand their services and products for their customer bookmakers, which will enable them to offer a wider range of esports betting options, markets, and odds.
The companies that have chosen to invest in the Paris-based company have been led by Serena, but also include a number of other investors such as sports technology investment group KB Partners, the esports owner and investment company aXiomatic Gaming and Alven.
It is the second time that Alven have invested in the company. Back in 2017, PandaScore raised a previous amount of $2.8 million in investment in a seeding fund round led by the venture capital company.
Growth of Esports
Given the extensive growth of esports across the last decade or so, it is estimated that the industry has around 500 million fans worldwide and accounts for over $1bn in global revenues. However, in terms of the esports betting industry, there is still plenty of room for that industry to grow and companies like PandaScore, that provide real-time, AI-powered odds and services are a vital resource for bookmakers seeking to offer a greater range and better quality betting options to potential customers.
“Providing game-changing data for bookmakers is our way to fuel the growth of esports,” commented PandaScore CEO and founder Flavien Guillocheau.
“When bookmakers can offer great esports betting it also helps in raising sponsorships for teams and tournaments.”
The core product at PandaScore works by collecting data, in real-time, from esports matches that are being played and from officially recognised and validated sources. PandaScore’s AI software then analyses the data that it has received and works through to sift out from the masses of data which information is useful. This whole process takes fractions of a second, which then means that sportsbooks and esports betting sites can ensure that their odds are set more accurately to reflect the game in action, and also are able to offer a wider range of bets across more markets.
“Bookmakers are some of the most data dependent companies out there. With esports tournaments and fantasy leagues becoming a more significant component of sportsbook offerings around the world, access to PandaScore’s abundance of real time esports odds and data is vital to all the bookmakers we work with,” stated Mr Guillocheau.
“Our vision is to help esports grow by providing the data resources for any esports business.”
Alongside their new round of investment, PandaScore has been working hard on securing additional clients over the last few years and they have signed up with a number of big names in both the esports entertainment and esports betting industries in recent times.
This includes the likes of companion app Strafe, esports betting service Pixelbet, and one of the leading sports betting companies in Latin America, BetCris. The company also has linked up with Fantasy Esports company Sleeper.
This tranche of funding will see the company expand the number of esports that it provides data for as well as hiring new members for their teams located in Paris and Malta.
Featured Image Credits: PandaScore