US-based online sports betting firm WinView.com planned to announce it has raised another $12 million in a second round of financing on Monday.
The backers are Graham Holdings, the former owner of The Washington Post; Discovery Communications; Ted Leonsis, the owner of the Washington Wizards and the Washington Capitals; and LionTree, a boutique investment bank.
Unlike traditional online sports betting companies, WinView.com will not be offering cash bets. Instead, the social media platform will allow its customers to place free bets for real prizes. These bets can also be placed throughout the game, a concept that has become extremely popular in recent years via LIVE IN-PLAY WAGERING.
From the WinView.com website:
WinView is the perfect complement to fantasy sports and brings you into the action like never before during nationally televised NBA games. Play along live while watching TV in quarter-long contests. Compete against your friends, family and fellow fans to see who performs best under pressure. If you think you know what’s going to happen next, it’s your big chance to win even bigger!