SportsGrid hunts buyer as sports media deals keep flopping
SportsGrid has raised $6.2m & has an $11m valuation, according to Prospero, & employs about 81 people with three investors, according to PitchBook.
The hit
SportsGrid, the 24-hour sports wagering media network, is reportedly hunting for a buyer, according to Front Office Sports. An unidentified source said the firm is working with investment bank Telos Advisors & has held buyer talks for months, with one suitor reportedly emerging as the frontrunner. No bidders have been named.
Why it matters
Betting-media tie-ups were once pitched as a $30bn opportunity for gaming firms by 2030, according to Macquarie. But deals like DraftKings-VSiN & Penn Entertainment-Barstool have since unwound at steep losses, raising doubts over whether a gaming company would bid for SportsGrid at all.
The record
| SportsGrid 2022 revenue | $22m, since in decline (Front Office Sports) |
|---|---|
| SportsGrid estimated valuation | $11m (Prospero) |
| SportsGrid total funding raised | $6.2m (Prospero) |
| DraftKings’ VSiN deal | bought for $70m in 2021, sold for a rumoured fraction in 2024 |
| Penn Entertainment’s Barstool deal | bought for $500m, sold back to David Portnoy for $1 in August 2023 |
What happens next
Watch for the identity of SportsGrid’s reported suitor & whether a gaming operator, rather than another media company, ends up bidding.
Sources: SportsGrid Reportedly Seeking a Buyer
18+. Betting involves risk. If gambling is a problem for you or someone close to you, help is available.
Discussion
Ask a question, add useful context or share a source. Keep it relevant & respectful.
Add a comment
Comments are reviewed before publication.