Metric attracts interest from new investor as sportsbook debut blooms

Ahead of the planned launch of its first B2C sportsbook later this year, international sports betting solutions supplier Metric Gaming Group has revealed interest from a new investor.

The interested party, which is unnamed but has been described by Metric as a ‘high net-worth strategic investor’, could potentially close the firm’s latest funding round in its entirety.

A Las Vegas-based firm with regional headquarters in London, Meric recently finalised a $14m close of its $25m round of debt financing, and the newly acquired investor is apparently seeking to increase the overall size of the round to $30m.

Keith Hayes, Metric Gaming CEO, said: “Metric has made significant progress on its strategic plans and will soon announce a number of partnerships that will power Metric into 2023 with some truly innovative products and services. 

“Metric has had a strong focus on the European market in recent times and those plans have come to fruition as we are also set to announce new sportsbook customers in a newly regulated European territory.

“These are clearing very exciting times for Metric and to underpin these plans we have sought new strategic investment.”

Metric’s forthcoming B2C sportsbook plans are being coordinated via its Bhet Corp subsidiary, with the aim of developing a ‘revolutionary sport betting experience’, utilising its partnership with Lacerta Sports. 

Announced back in March, the Lacerta collaboration centred around the development and deployment of technology, customer analytics and automated pricing systems, sharing ‘high-level skills’ in these areas.

Hayes continued: “We firmly believe this interested party will share our vision for Metric’s expansion and look forward to closing out this process in Q3, increasing the overall round size pending shareholder approval.”

Metric’s sportsbook proposition via Bhet Corp plans to incorporate powered and ‘player friendly’ pricing, risk management and player profiling, to cater for large wagers and ‘sharp bettors’ – with H2 2023 the current target date for an initial US launch.

The group’s end goal is to launch a sports betting product that is ‘more innovative and engaging’ than its competitors’ offerings, with an expanded scope and availability of live in-game wagering.

Martin deKnijff, Metric Gaming Chairman, commented: “In many ways, the Bhet Corp. sportsbook launch will be the culmination of Metric’s clear vision when it first entered the market – an aspiration nearly a decade in the making to create something ground-breaking in an industry ripe for disruption.”