SeventySix Capital and professional athletes participate in Series A funding round, joining Julie and Zach Ertz as investors.
- Lucra Sports went live in late 2021
- Social betting platform is enabled in 37 US states
- Esports will be added later in 2022
Peer-to-peer betting platform Lucra Sports has raised US$10 million in a Series A funding round, paving the way for it to expand its vision of fans betting with each other rather than traditional bookmakers.
The investment round was led by Raptor Group and included participation from SeventySix Capital, Victress Capital, Milwaukee Bucks owner Marc Lasry, tennis professional John Isner, and National Football League (NFL) wide receiver Emmanuel Sanders.
Lucra Sports launched its mobile app in late 2021 and currently offers betting for US major leagues, PGA Tour golf, men’s and women’s tennis, Major League Soccer (MLS), the Uefa Champions League, and the Premier League. Esports betting will be added later in 2022.
Within the platform, fans are able to create contests based on variables such as odds and spreads, and dictate the sport, player, statistic and monetary value of the bet. It is even possible to bet across multiple disciplines, and Lucra takes a five per cent commission from winning wagers.
For example, one fan could bet that a tennis player would make more aces than a basketball player would score three-pointers, while another could create a more complex matchup between two fantasy football lineups.
The hope is that the social aspect will make casual bettors more comfortable at a time when legalised sports gambling in the US is still in its infancy.
“The magic of Lucra is that it amplifies moments around live sports and allows you to connect with other sports fans through friendly competition,” said Lucra Sports founder and chief executive Dylan Robbins.
“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.”
“We believe Lucra is changing the way sports fans engage with each other by bringing a social-first gaming experience to everyone, whether they’re in the stadium, sat in a bar or watching games at home,” said Raptor Group’s Anthony DiSanti, a newly appointed board member of Lucra. “Dylan and the Lucra team have the vision, experience, and strategy to totally disrupt the in-game sports wagering category.”