WagerWire, a US marketplace where bettors can buy and sell previously placed sports bets, has announced the close of a $3m (£2.5m) seed funding round. The round was led by Roger Ehrenberg, co-owner of the baseball team Miami Marlins and English Premier League side Leeds United FC, as a part of his venture funds IA Sports Ventures and Eberg Capital.
WagerWire allows users to place bets on live movements and momentum swings on the platform or within partner sportsbooks. The platform tracks bets in real-time and allows users to cash out or buy into future bets, as well as buying and selling previously placed bets.
WagerWire CEO Zach Doctor commented, "Now your bet no longer has to win to make you money. People want more control over their betting journey, and the WagerWire marketplace gives them the ability to flip bets as they would stock on Robinhood, or a pair of Jordans on StockX. We’re thrilled to have such a prolific syndicate in our corner as we bring this product to the masses."
Ehrenberg added, "As sportsbooks search for cost-effective acquisition and retention strategies, WagerWire is a new solution to create a more engaging and social experience for bettors. The WagerWire team has a clear vision about how to harness core economic principles in order to create a flywheel effect that drives value for both bettors and sportsbooks."
WagerWire announced that it has entered strategic partnerships with data analytics providers and has several sportsbook deals that will be announced soon.