Credit: BITKRAFT/Action Network
- Sports betting startup Action Network Inc. raises $17.5M USD in funding round, led by Fertitta Capital.
- Alongside North American sports team owners, BITKRAFT Esports Ventures and Dignitas investor David Blitzer contributed to the round.
- Action Network CEO Patrick Keane said company plans to “increase our coverage and analysis” of the esports market.
Action Network Inc., a digital startup that provides sports betting odds and insights has closed a $17.5M series B funding round. Alongside a number of investors in the North American sports industry, early stage investor and company builder BITKRAFT Esports Ventures 
also contributed to the round. Financial terms were not disclosed.
“Given the rapid growth and relevance of esports, we plan to increase our coverage and analysis,” said Action Network CEO Patrick Keane. “BITKRAFT Esports Ventures is the strategic investor for us in this market. They are entrenched in the ecosystem and can provide the knowledge and the connections to ensure that The Action Network is uniquely positioned in the esports market.”
David Blitzer is another esports-related investor within the round. A senior executive at private equity firm Blackstone Group, Blitzer is a co-managing partner and co-chairman of Harris Blitzer Sports & Entertainment; which owns esports organization Dignitas , alongside the Philadelphia 76ers, NBA 2K League franchise 76ers GC, and the New Jersey Devils.
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Leading the investment was Fertitta Capital, a private equity firm formed by Frank and Lorenzo Fertitta after the brothers sold Ultimate Fighting for $4B in 2016. Other contributors included the owners of the Chicago Cubs; 6721 Capital, and the investment banking firm Code Advisors.
Sports Action Network was founded by The Chernin Group in 2017, and offers news, podcasts, and other content on top of live sports betting odds. In May 2018, the U.S Supreme Court struck down a 1992 federal law that effectively banned commercial sports betting outside of Nevada. Since then, seven states, including New Jersey, have now allowed sportsbooks to operate, which has seen partnerships with casinos and sports betting companies signed across the NBA, NFL, and MLB.
According to a document filed on Dec. 19, 2018, with the U.S. Securities and Exchange Commission, BITKRAFT Esports Ventures is raising a capital venture fund of up to $125M. As evidenced by the latest investment in Action Network, the company has now expanded from early-stage investments to building a later stage growth fund.
