Betty Gaming has raised a $5m seed round as it prepares for a ‘soft launch’ in the Ontario online gambling market this month.
The iCasino-focused firm was granted a licence on Jan. 24 by the Alcohol and Gaming Commission of Ontario (AGCO), enabling it to enter the province as a regulated operator.
Betty Gaming does not expect to fully go live in Ontario until Q2 but anticipates making its service partially available in February.
The company recognised that, in order to facilitate this process, it would have to raise capital from external sources.
Following a $1.8m pre-seed in March last year, Betty Gaming has now raised a $5m seed round led by Karlani Capital, with CEAS Investments, Courtside Ventures, Gaingels, OCA Ventures, Subversive Capital and 305 Ventures also present as active participants.
The proceeds of the round will fund Betty Gaming’s operations in Ontario and also go towards continued development of its proprietary iCasino platform ‘tailor-made’ for the North American market.
Furthermore, Betty Gaming has identified a large audience of ‘casual’ iCasino players, particularly female slot players, who it believes are ‘underserved’ by existing brands.
Consequently, it has issued a mission statement outlining an intent to ‘maximise the entertainment value of iCasino for these casual players by creating an environment that is safe, social, and inclusive’.
Gaingels, an LGBTQIA+/Allies private investment syndicate, commented: “Sports betting and casinos have historically been marketed to men. In reality, women make up more than half of the market.
“We love Betty’s mission to make the category more inclusive.”