A sports media startup called Overtime — with some seriously heavy backing — announced it has raised $80 million in new funding and has some big plans, including sports betting, in its future.
The Brooklyn-based company, which was founded in 2016, said Thursday its investors now include Amazon founder Jeff Bezos (through Bezos Expeditions) and rapper Drake along with 25 active and former NBA players.
“When Overtime first launched, we were known for our raw and authentic sports highlights from across the globe,” Overtime’s president Zack Weiner, an ex-chess champion turned entrepreneur, said in a statement.
“Five years later, we’re the leading brand for the next generation of sports fans, reaching them through our social channels, our long-form series, our e-commerce business, and now a sports league.”
Initially, the focus was short-form content centered on high-school basketball stars but has expanded to other sports and now, though no specifics were given, that focus will also include trading cards, NFTs (non-fungible tokens collected and traded as a form of cryptocurrency) and sports betting tailored toward a younger audience.
With legal sports betting coming to Arizona in September, sports entities there are partnering with prominent sportsbooks. We look at the latest such deal, as Penn National and Phoenix Raceway have joined forces.
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