Esports betting firm Blinkpool receives $700,000 in funding

With the world and his dog having cottoned onto the opportunities that esports holds, there are sponsorships flying in left, right and centre right now. Blinkpool is looking to capitalise on those in esports betting specifically and it has turned some heads after securing $700,000 (£576,000) in investment. 

This funding comes via venture capital investors Velo Partners and no less than 12 others in the industry. As reported by Gambling Insider, a spokesperson for Velo said: “It’s not every day you see a billion dollar market grow under everyone’s nose without them noticing.

“We focus on the gambling and gaming sector, and we see Blinkpool operating on the intersection. Often the gambling space observes iterative innovation – bar a few notable exceptions – but we don’t think a step change is off the cards with esports. When you’ve got two technical founders who really understand their space, it’s hard to ignore the opportunity.”

Two major problems in esports gambling right now are in data and pricing. A number of bookmakers are struggling to price up events leading to markets being withdrawn or frozen, and moreover they’re struggling to price them up correctly. Blinkpool is aiming to cut through this with a product that uses a specific AI to eliminate the need for human involvement with the data collection. Players play against one another on a platform that’s better suited to the tastes of esports fans and viewers. 

While the software is in the development stages it is currently being tested as a free to use Dota 2 game called BlinkpredictBlinkpool is in the race to secure a licence from the UK Gambling Commission and it hopes to go live later this year.

One of Blinkpool’s Co-Founders told Gambling Insider“The funding is going to two things, product and getting our gambling licence. We want to bring transparency and legitimacy to esports wagering with a product that is significantly more in line with what the audience want. We don’t think a traditional sportsbook offering will satiate the market; the esports audience have high expectations and are very discerning when it comes to the products they chose.”

Esports Insider says: Esports betting needs some shaking up and with this investment Blinkpool looks poised to do just that. We’ll be keeping a close eye on the progression of its UKGC licence application.