PlayGreen has raised $6 million in funding to expand its sports betting business in Latin America.
Sao Paolo, Brazil-based PlayGreen, a sports media and gaming company, said that Vice Ventures led the funding round. The money will be used to facilitate PlayGreen’s expansion into Ecuador, as it continues to pioneer modern sports media brands and sports betting for the underserved LatinX market.
Founded in 2020, PlayGreen was established with the vision of addressing the unique needs of the Latin American sports community, which it believed were not adequately met by traditional betting apps and media brands.
The company has built a consumer platform that serves as a comprehensive destination for unfiltered sports media and a top-tier sports betting app, specifically tailored for fans and players across Latin America.
PlayGreen’s CEO, Nathan Dionne, said in a statement, “The future of PlayGreen will be shaped with our audience in mind, and this new round of funding will help us continue growing throughout Latin America to achieve our mission.”
The company differentiates itself from larger incumbents by its ability to quickly iterate on new features, providing users with experiences such as machine learning-powered bet suggestions and marketing automation for its media brands. PlayGreen aims to become a market leader in both the sports media and sports betting spaces in Latin America.
The funding, led by Vice Ventures, will be utilized by PlayGreen to launch new features around live-streamed events and to increase revenue through additional sports betting opportunities. Vice Ventures, an early-stage venture capital fund, is known for its investments in companies operating in non-traditional industries, including alcohol, harm-reducing nicotine, and sports betting.
Catharine Dockery, general partner of Vice Ventures, said in a statement, “Vice Ventures is looking forward to continued partnership with PlayGreen as they enter into their next stage of growth.” Dockery once did an interview with me where she said the firm focused on “bad” industries that other financiers wouldn’t touch, including human vice-oriented verticals such as cannabis, alcohol, sextech and wellness, esports, gambling, caffeine, nicotine, psychedelics, addiction recovery and yet to be known vices.
Latin America, known for its dedicated sports fans and impressive teams, is seen as a promising market for sports gaming. PlayGreen aims to provide a platform for engaging with favorite teams in new and innovative ways, catering to Hispanic adults who spend 20 hours a week consuming sports through TV, video, and radio.
The company has 45 people and will add to that number with the expansion into Ecuador. The company has raised $9.5 million to date.
As for the inspiration for starting the company, PlayGreen started as a small group with a desire to establish a secure betting environment specifically with the unique LatinX player in mind. The focus is on connecting daily with the poker, sports betting, esports and casino enthusiasts. The company has had to quickly expand in order to meet market demands.
“We’re passionate about building a trustworthy community, and are always looking for ways to incorporate player feedback into the next enhancements and iterations of the platform,” the company said.
For the betting, players register using Google, Apple or a smartphone, and then make a deposit with Card, Pix (Brazil) or cash (Ecuador). Afterward, players can place sports bets, including Live, Pre-Match, Parlays and more, or try their luck with casino bets among over 5,000 available games. They can take advantage of promotions, missions and other gamified experiences, and when they’re ready, withdraw winnings using various payment options.
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