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☆ A sports startup for bettors and creators raised $3.7 million. Read 10 key pitch-deck slides it used to get seed funding.
▼ + stars: | 2024-05-02 | by ( Ashley Rodriguez | Tiara White | ) www.businessinsider.com time to read: +3 min

Sports-media startup SoBet is building a sports-betting community around content creators. Its platform, which launched in June 2022, distributes exclusive short-form videos and other content from sports creators popular on social platforms like Instagram and TikTok. The company announced on May 1 that it closed a $3.7 million seed round led by Third Kind Venture Capital to help grow the platform. "We've built a platform that looks and feels a lot like a social-media platform that houses exclusive content in the form of short-form writeups, short-form videos, etc. — all posted by sports-betting creators in the space."

Persons: Cooper Lycan, Lycan, that's, SoBet Organizations: Third Kind Venture, Business, Action, BI

☆ Women college athletes average more brand deals than men, new data shows. Here are 5 key takeaways on NIL marketing.
▼ + stars: | 2024-05-01 | by ( Tiara White | ) www.businessinsider.com time to read: +6 min

Read previewWhen it comes to scoring NIL deals, women college athletes are gaining on their male counterparts, according to a new report from the sports-and-entertainment intelligence platform SponsorUnited. The report showed that women college athletes get more brand deals on average than college men, although the men still make up the majority of NIL deals overall. He also said social-media engagement is overwhelmingly stronger among women college athletes compared with men. Related storiesHere are five key takeaways from the report:Women college athletes are getting more NIL dealsWhile men still made up 57% of NIL deals overall, women got more brand deals on average — 3.5 compared to 2.5 among men, SponsorUnited found. For example, he said college athletes on TikTok are leveraging brands better than professional athletes on the platform.

Persons: —, Caitlin Clark, Angel Reese, Bob Lynch, Reese, Clark, Olivia Dunne, Lynch, SponsorUnited, it's, Alex Glover's, Brands, Brand, SponsorUnited Lynch, that's Organizations: Service, Business, Iowa Hawkeyes, LSU Tigers, LSU, Iowa, NCAA, ESPN, Gatorade, State, Nike, BI, Brands, Southern Methodist University Locations: SponsorUnited

☆ Seeking nominations for our inaugural list of sports betting's rising stars
▼ + stars: | 2024-04-29 | by ( Ashley Rodriguez | Tiara White | ) www.businessinsider.com time to read: +2 min

Business Insider is compiling its first list of rising stars in the US sports-betting industry. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWe're seeking nominations for our inaugural list of rising stars in the US sports-betting industry, and we want to hear from you. We're looking for early-to-mid-career staffers focused on the US market at operators, industry suppliers, or media companies in sports betting. Related storiesPlease submit your nominations here or through the form below by Monday, May 13, 2024, at 6 p.m.

Persons: —, we've, DraftKings, Jason Robins, Amy Howe, we're Organizations: Service Locations: North America

☆ A VC and former student-athlete who played with Aaron Rodgers breaks down 7 big opportunities in the burgeoning NIL startup scene
▼ + stars: | 2024-04-29 | by ( Tiara White | ) www.businessinsider.com time to read: +3 min

Today, the venture capitalist is looking to invest in startups in the name, image, and likeness space transforming college sports. NIL, as it's called for short, has become big business since 2021, when student-athletes gained the right to make money from it. Some college athletes are making millions from brand and sponsorship deals, and a cottage industry has cropped up to support the rapidly changing industry. He and his partners also raised $25 million in 2021 for a venture-capital firm, Fiat Ventures, which invests in early-stage companies in the fintech space, per its website. After months of researching and talking to startups, Glover broke down the seven biggest opportunities he sees in the NIL industry:

Persons: Drew Glover, Aaron Rodgers, Cameron Jordan, Marshawn Lynch, Glover, couldn't, Jonathan Ferrey, Vint, he's, He's Organizations: University of California, Business, California, Fiat Growth, Fiat Ventures, LinkedIn Locations: Berkeley, Berkeley , California

Whispering in the ears of the billionaires and celebrities doing the buying, however, are investment bankers. Like other sports bankers BI interviewed for our list of top sports bankers, he exemplified a good-humored, approachable attitude, including joking about his many sports allegiances. Related stories"Earlier in my career, I made the mistake of telling Bob Kraft that I was a New York Jets fan," Carey told BI recently. They're obsessive Jets fans, and they're just fans because I'm a Jets fan," Neville told BI. So that's why we'll be Jets fans forever."

Persons: it's, Goldman Sachs, Greg Carey, everyone's, Carey, Colin Neville's, he's, David Beckham, Steve Ballmer, Joe Tsai, Ballmer, Tsai, Neville, Andrew Kline, Kline, Bob Kraft, I'm, Robert Tilliss, There's, Abramovich, Vladimir Putin, Todd Boehly, Joe Lenehan, Michael Arougheti, David Rubenstein's, doesn't, there's Organizations: NBA, JPMorgan, Business, The, PJT Partners, Chelsea FC, Baltimore Orioles, Sports, Goldman, Endeavor, WWE, Microsoft, Beckham's, Los Angeles Clippers, Brooklyn Nets, Barclays Center, St, Louis Rams, Los Angeles Rams, Golden State Warriors, Miami Heat, Harvard, US Rugby National, Cal, New York Jets, BI, Patriots, Giants, Rays, Chelsea, Circle, Atlanta Hawks NBA, New York Mets, NFL, soccer's Premier League, Russian, Chelsea football, LA Dodgers, Yankees, Manchester United Games, Jets, we'll Locations: European, Los Angeles, Berkeley, Barcelona, Ukraine, New York

Kline was drafted in 2000 by the St. Louis Rams (now the Los Angeles Rams). He was an offensive lineman until 2002, when he left the NFL after sustaining several concussions. The boutique Los Angeles firm focuses almost exclusively on sports dealmaking — though it also works on capital raises and makes its own investments. The firm's website says it has also advised on deals for franchises like the Golden State Warriors, the Miami Heat, the Los Angeles Dodgers, Bologna FC, and the San Francisco Giants. Kline works alongside Sean Clemens and Edwin Draughan, who focus on sports mergers and acquisitions.

Persons: Andrew Kline, Park Lane Andrew Kline, Lane Kline, Kline, Sean Clemens, Edwin Draughan Organizations: St, Louis Rams, Los Angeles Rams, NFL, Athletes ' Agency, Cincinnati Bengals, MLB's Cincinnati Reds, Sports Business, Golden State Warriors, Miami Heat, Los Angeles Dodgers, Bologna FC, San Francisco Giants, NCAA Locations: San Diego, Los Angeles, Angel

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Since then, private-equity firms have poured $54.6 billion into sports, according to PitchBook data. And the field of potential investors is growing with Goldman Sachs helping rich clients invest in teams, which can drive up prices. AdvertisementLeagues also restrict PE investments, with some caps on the number of teams a firm can own stakes in or the ownership share a fund can hold. Scroll down to read about the private equity firms, listed alphabetically, that have been making the biggest moves in sports in recent years.

Persons: —, Josh Harris, Rob Walton, Carlyle, Ben, Blackstone, Goldman Sachs, Harris, Blackstone Group's David Blitzer, Lauren Leichtman, Arthur Levine, Sportico, RedBird, Gerry Cardinale, There's Organizations: Service, MLB, NBA, Business, Washington, Denver Broncos, Amazon, Sports, Ben Fund, Bluestone Equity Partners, GMF, Apollo Global Management, Blackstone Group's, Levine, Capital Partners, San Diego Wave, NFL Locations: downturns

☆ Women athletes are on fire. See the 13 top investors and fund managers pouring money into the next 'big opportunity' in sports.
▼ + stars: | 2024-04-14 | by ( Tiara White | ) www.businessinsider.com time to read: +3 min

It comes at a time when women's sports generally — from basketball to soccer and even volleyball — are attracting new viewers. Last week's college women's basketball championship game between the Hawkeyes and the South Carolina Gamecocks, meanwhile, snagged more viewers than any basketball — women or men, college or pro — since 2019, ESPN said. It's not just women's college ball that's luring eyeballs. Attendance at US women's pro soccer games increased by 23% in 2023, according to National World Soccer League commissioner Jessica Berman. And that's just the start, according to hedge fund mogul Marc Larsry, who recently declared women's sports the next "big opportunity" for sports investing.

Persons: Big3, Caitlin Clark, Caitlin, Ted Lasso, Jason Sudeikis, Travis Scott, It's, Jessica Berman, Marc Larsry Organizations: University of Iowa, Business, Iowa Hawkeyes, Hawkeyes, South Carolina Gamecocks, ESPN, National World Soccer League, Deloitte, Wall Locations: Nebraska, Silicon

Braden Fiske is a defensive tackle for Florida State projected to be drafted by the NFL. AdvertisementUntil recently, the National Collegiate Athletic Association barred student athletes from being compensated despite the billions of dollars their efforts were earning for their universities. College athletes can also receive money by autographing signs, creating or sharing branded content, making guest appearances, and being a spokesperson for a company or brand. We're now seeing college athletes from several sports score so-called NIL deals ranging from five to seven figures. He has signed several NIL deals since joining the Florida State Seminoles in 2023, and other deals are in the works.

Persons: Braden Fiske, LeBron James, Bronny James, Fiske Organizations: Florida State, NFL, National Collegiate Athletic Association, US, Business, Florida State University, Florida State Seminoles

☆ The NFL's annual meeting is happening now. Here are 6 firms that stand to win if the league opens its doors to new investors.
▼ + stars: | 2024-03-25 | by ( Tiara White | Alex Nicoll | ) www.businessinsider.com time to read: +4 min

This year's meeting is being closely watched by Wall Street because of a planned discussion about whether to start letting team owners sell stakes to private-equity firms and other institutional investors. So who stands to benefit if the NFL owners agree to a rule change? AdvertisementThe sports investing experts who spoke to BI pointed to private-equity firms with established histories in sports investing, like Dyal HomeCourt, Arctos Partners, and RedBird Capital. Lutsky also thinks a rule change could prompt more financial industry newcomers to try to break into the world of sports investing. See BI's list of private-equity firms that could benefit from an NFL rule change, according to 6 finance experts and industry insiders, from bankers to investment advisors:

Persons: —, Arun Muralidhar, Muralidhar, Tim Schlittner, Jonathan Lutsky, Lutsky Organizations: Service, NFL, Tennessee Titans, Forbes, Business, NBA, NHL, MLB, Mcube Investment Technologies, Drake Star Partners, BI, Arctos Partners, RedBird, Partners, Sports Locations: Orlando , Florida

☆ Investing in sports teams is trendy now — but is it headed toward bubble territory? New research provides a playbook.
▼ + stars: | 2024-03-19 | by ( Tiara White | ) www.businessinsider.com time to read: +6 min

The simmering topic has been up for debate, in part because prices for NFL teams have risen so high that they threaten to restrict who can be a lead owner. This raises the question: Are investments in sports teams actually a good investment, especially for risk-averse investors like pensions and endowments? According to new research published in Investments & Wealth Publications in November, the answer is a resounding yes. For the article, he teamed up with his father, Arun Muralidhar, the chairman and founder of Mcube Investment Technologies, which develops decision-support products for institutional investment managers. "They themselves are investing globally to make sure that their brand is increasing, and they found great success with that."

Persons: —, Sid Muralidhar, Muralidhar, Risktyle, Arun Muralidhar, Sachin Muralidhar, Sachin, Arun, Sid Muralidhar Sid Muralidhar, homed, it's Organizations: Service, NFL, Dallas Cowboys, Forbes, Business, Investments, Wealth, NHL, Citigroup, Mcube Investment Technologies, The University of Virginia, National Hockey League, NBA, MLB, BI

☆ From the lavish gifts to the flagrant waste: Here's what it's like to work for a billionaire hedge fund founder
▼ + stars: | 2024-03-08 | by ( Tiara White | ) www.businessinsider.com time to read: +2 min

Sun doesn't name the hedge fund billionaire in the book, referring to him as Boone Prescott, founder of the "rock star" hedge fund Carbon. After he graduated from Williams College he went to work for hedge fund legend Julian Robertson, who gave him $25 million to start Tiger Global. The hedge fund soared to new heights during the era of low-interest rates with big bets on tech stocks. Rising interest rates hit the hedge fund hard in 2022, however, leading to a 50%-plus performance decline that year. From the lavish lifestyle to the famous guests speakers, here are the 12 moments that best depict life working for a billionaire hedge fund founder.

Persons: Carrie Sun's, Boone Prescott, Sun, Chase Coleman, Coleman, Julian Robertson Organizations: Business, New York Times, Tiger Global, Forbes, Williams College

☆ Ken Griffin Gifts $50 Million to University of Miami Cancer Center
▼ + stars: | 2024-03-05 | by ( Tiara White | ) www.businessinsider.com time to read: +3 min

Ken Griffin gave $50 million to the Sylvester Comprehensive Cancer Center, part of the University of Miami's medical school, to help advance cancer research, according to a press release. AdvertisementA rendering of the Kenneth C. Griffin Cancer Research Building. Since moving to Miami, Griffin has been making his mark on the Sunshine State, including a slew of charitable gifts and big real-estate purchases. The new building, to be named the Kenneth C. Griffin Cancer Research Building, is set to be one of the largest stand-alone buildings for cancer research in Florida, the University of Miami's press release said. AdvertisementThe Sylvester Comprehensive Cancer Center in Miami University of Miami"The Ken Griffin name has become synonymous with philanthropic leadership that drives value in the communities in which he operates," Stuart A. Miller, the board chair of the University of Miami Health System, said.

Persons: —, Ken Griffin, Griffin, I'm, Kenneth C, He's, It's, Stuart, Miller Organizations: Service, Citadel, Cancer Center, University of, Business, Harvard, Faculty of Arts and Sciences, Harvard Crimson, Griffin Cancer Research, University of Miami, Miami —, Sunshine, Citadel Securities, Forbes, University of Miami's, Miami University of Miami, University of Miami Health Locations: Florida, Chicago, Miami, New York

☆ The NFL is gearing up to change team ownership rules in what could be a massive win for Wall Street
▼ + stars: | 2024-02-29 | by ( Tiara White | ) www.businessinsider.com time to read: +9 min

Team owners will meet at the annual league meeting in March to discuss private equity. The investment ownership model is favored in the NBA, MLB and NHL— but not in the NFL. So, what will a rule change mean for institutional investors and their Wall Street brokers, as well as owners and sports fans? Experts also think NFL team owners' "wealth would increase drastically," said Rotthoff— due to the considerable profits they've already made from team valuations in the past decade. Wall Street investment banks could also benefit in their role as advisors to wealthy investors and sports teams, including helping to connect buyers with sellers.

Persons: —, Josh Harris, Mark Patricof, Carrie Potter, Mellody Hobson, Condoleezza Rice, Sir Lewis Hamilton, Kurt Rotthoff, Dwayne Wade, Venus Williams, Eric Thomas, Gil Fried, Rotthoff, Rob Gronkowski, Spencer Platt, Goldman Sachs, Thomson, Taylor Swift, Jamie Squire, Potter, Fried Organizations: NBA, MLB, NHL, NFL, Service, Silicon, Forbes, The, Patricof, Rice, Denver Broncos, Seton Hall, Wall, Kansas City Chiefs, West, Sport Finance, Sports, Group, Wall Street, Chiefs, Dolphins, Getty Locations: The Washington, Crestview, United States, Orlando , Florida, West Florida

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