Pats Owner Kraft Among Backers of Sports Betting App Creator Boom

(Bloomberg) -- Sports-gaming app creator Boom Entertainment got $15 million in an initial capital raise that included New England Patriots owner Robert Kraft and former MGM Resorts International chief Jim Murren. 

The fundraising led by Sands Capital will help drive an expansion of gaming products amid a surge in sports betting. Also participating were Golden Nugget Online Gaming and Rush Street Interactive as well as early venture fund Defy Partners, Boom said in a statement. 

The New York-based company formerly known as Boom Sports builds and operates games for millions of users. Its flagship product is NBC Sports Predictor, and its partners include media companies, sports leagues, retailers, sports books and casinos. 

The money will help Boom “create and change the way sports fans bet and how they experience their games” Co-Founder and Chief Executive Officer Stephen Murphy said in an interview. He declined to give Boom’s valuation.

Sports betting is “transactional,” with users watching live games and placing bets separately, Murphy said. Boom, whose products have already attracted nearly 3 million users, hopes to blend the two by creating new offerings.

Early investors in Boom also included BTIG’s Richard Jacklin, Palo Alto Venture Partners managing partner Peter Ziebelman, and ESPN analyst Adam Schefter, the company said.

Founded in 2015, the company aims to introduce casino games in the coming months with Golden Nugget and Rush Street Interactive, Murphy said. Within the next two to three years, Murphy expects Boom to be offering more than 150 games.

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