NEW YORK: Hot Paper Lantern Digital Sport, a speciality group that works with sports betting, fantasy and technology brands, has partnered with Cardinal Sports Capital, an advisory and investment firm.
The two companies have launched an accelerator program into which CSC is planning to invest between $75 million and $100 million.
"We're seeing so many different emerging companies as the world is opening up again. A lot of them don't know where to turn on everything from investment financing to positioning and marketing," said Hot Paper Lantern CEO Ed Moed. "It made sense to put [the accelerator program] forward to teach and work with the best and brightest of these companies."
The two organizations designed the program to help sports betting, gaming, sports tech and fantasy sports companies grow their business models quicker and more successfully. It will tap key investors within the firms' networks to fund target companies' growth.
"We want these companies to become really significant titans and change the landscape in their categories," said Moed.
Specific services include partnership development, advertising, influence engagement, investor relations and other brand building and customer acquisition solutions.
WagerWire, a proprietary sports betting futures marketplace, is the first company to participate in the accelerator program.
CSC also has a strategic partnership with Canaccord Genuity, a global investment banking and financial services company. Other portfolio companies include Quarter4, ThriveFantasy and WagerWire.
HPL Digital Sport has worked with clients including Sportradar, BettorEdge, SharpLink Gaming, NBC Sports Edge and Champion Gaming.