Sports betting developer ParlayBay aims to start 2023 with a bang, closing 2022 with a €1m funding round, off the back of a major recent board appointment.
The company plans to leverage the funds to ‘elevate its position in key markets’ and introduce new products to its pipeline, targeting a range of international jurisdictions.
Headquartered in Malta with offices in Sweden and Poland, ParlayBay has set out a long-term goal to ‘disrupt the sports betting industry’, and finishes 2022 having completed a series of partnerships.
Patrick Nordwall, CEO at ParlayBay, said: “We’re really pleased to have raised a considerable amount in our most recent funding round, especially given the current challenging climate.
“Fredrik joining our board is a fantastic addition as we ramp up our growth going into 2023. We’ve had a very good year and the money raised gives us the opportunity to drive things forward even quicker.”
Notable firms to have partnered with ParlayBay over the past 12 months include INDIBET, FINNPLAY, TOPsport and 7bet, the latter of which was the firm’s first customer for its real-money games offering.
Moving into 2023, ParlayBay’s product development plans focus around the launch of PARLAYPOWERS, a set of promotional tools using free bets, early bird bonuses and cash drops for stronger player engagement.
The tools will sit alongside the supplier’s existing product range, consisting of titles such as STREAK, BOSS, GEKKO, GREYHOUND and ANTE-X.
Prior to closing the recent funding round, ParlayBay strengthened its leadership by appointing Fredrik Elmqvist to its Board of Directors.
The igaming veteran, who has held positions at Yggdrasil Gaming and NetEnt, will utilise his ‘vast network and strategic experience’ in pursuit of ParlayBay’s goal of becoming a microbetting and quickfire games leader.
“It’s a really exciting time to have joined ParlayBay and I’m looking forward to seeing what the future holds,” remarked Elmqvist.
“In just over a year, the company has shown to be a pioneer that places product innovation at the forefront of its strategy. Raising €1m in these tough times is a sign of strength and that we are well positioned in the market.”