Sports-Betting Startup Wins Backing From Big League Team Owners
- Peter Chernin’s Action Network closed $17.5 million funding
- Investors include owners from MLB, NBA, NHL, Ultimate Fighting
Photographer: Bruce Bennett/Getty Images
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Action Network Inc., a digital startup looking to capitalize on the spread of legal sports betting, completed a funding round that attracted team owners from baseball, basketball and hockey, along with the former owners of the Ultimate Fighting Championship.
The subscription-based service offering data and analysis for sports bettors raised $17.5 million in a funding round that closed this week, Chief Executive Officer Patrick Keane said in a statement announcing the investments. The company was formed a little over a year ago by the Chernin Group, led by media mogul Peter Chernin.