Sports technology company TAPPP raises $ 10 million Serie B round by launching live betting service with Major League Rugby

TAPPP, a sports technology company, raised $ 10 million in the Series B financing round.

The New York company was founded in 2012 and focused on developing pre-paid cards for access to live and archived sporting events, signing contracts with the Major League Baseball and the National Football League. But TAPPP has recently expanded and built technology and infrastructure to allow viewers to bet on sporting events via television and streaming platforms.

On April 16, TAPPP plans to launch its first in-game betting product. The company has partnered with Major League Rugby on an agreement that will allow fans to bet on games broadcast on Rugby Network, a streaming platform. TAPPP and Major League Rugby are also collaborating on the free game in all 50 states starting April 9th.

Live betting will initially be available only to New Jersey residents who bet using the PlayUp bookmaker. Fans watching the Rugby Network will see an inquiry asking if they want to bet on the outcome of the match, how many points will be scored and other bets. They can then click on the query, see the interactive odds panel in the game and place a bet as long as it is linked to their PlayUp account.

Sandy Agarwal, founder and CEO of TAPPP, said the company has received approval for online sports betting in 15 states. TAPPP hopes to launch major league rugby betting later this year in other states, as well as become a partner with additional bookmakers and professional sports leagues in the coming years.

“By removing the page from television, we always have a test market to make sure everything works before we (expand),” Agarwal said.

The B-Series run was led jointly by Accomplice, a Boston venture capital firm, and Verance Capital, a New York-based venture capital firm. Ryan Moore, co-founder of Accomplice and a member of the board of directors of DraftKings, previously invested in Landmat, a mobile application developer founded by Agarwal in 2001 and later sold to Nokia.

Several owners of professional sports teams have also invested in the Serie B round, including Stephen Paljuku of the Boston Celtics and Peter Tomozawa of the Vegas Golden Knights and Seattle Sounders. TAPPP has now raised more than $ 21 million. The company will not disclose its estimate after the last round of financing.

“As betting and fan engagement become ubiquitous on all platforms, TAPPP is in a good position to facilitate this seamless integration,” said Lyle Ice, founder and CEO of Verance Capital. “We are excited to support them in this next phase of growth.”

Agarwal founded TAPPP in 2012 when he lived in Singapore and had trouble accessing Cleveland Browns games on television. The company has developed pre-paid card technology for the NFL Game Pass service where fans can watch live pre-season games off the market and get access to live audio games of the regular season and post-season, as well as replays. TAPPP has also developed pre-paid cards for the MLB.TV service, where fans can stream Major League Baseball games out of the market.

In 2018, TAPPP lifted a $ 5 Series A round shortly after the Supreme Court overturned a law banning commercial sports betting in most states. That ruling paved the way for legal sports betting and led Agarwal to see how TAPPP could expand into the sports betting industry.

Last year, TAPPP established a partnership with BetMGM and developed BetMGM gift cards available at retail outlets across the United States. Customers who purchase gift cards can log in and / or register at BetMGM Sportsbook and bet using the funds. Gift cards are available in eight states at more than 6,000 retail locations, including Dollar General and 7-Eleven.

TAPPP currently has 20 employees and plans to hire an additional 25 workers by the fall. In February, he hired Willie Burkhardt as chief operating officer. Earlier in his career, Burkhardt worked as a consultant for McKinsey & Co. and was Head of International Business Development for Turner Entertainment and Executive Vice President of ESPN International.

Agarwal said TAPPP has been developing technology and an interface for programming in-game betting product applications for the past 18 months. He added that the company patented the technology and platform, which he described as complicated by the fact that quotas are constantly changing and that the betting market is largely regulated.

“Our model is that we (sports organizations and bookmakers) are not paid and then we will never see you again and here is the platform,” said Agarwal. “Our model is that we are very much in bed with them. As you can imagine, as we begin to interact with consumers, we can begin to make the experience much more appealing. That’s what it’s all about, and that’s customer engagement or spectator engagement. It will be a constant journey. “

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