Princeton-based venture fund Edison Partners is making a $15.5 million investment into digital marketing company Gambling.com Group Plc, a company which focuses on the lucrative online gambling and sports betting market.
New Jersey’s online gambling market has become increasingly lucrative. Of the $3.2 billion that patrons wagered in the state’s online sportsbooks in the first year of legal sports betting, at least two thirds was through online and mobile-phone platforms.
“[Edison]s’ investment in the Group validates our thesis that we are the performance marketing and content platform best positioned to benefit from the expansion of regulated online gambling in the United States,” Gambling.com Group Chief Executive Officer Charles Gillespie said in a statement.
The move comes as the 2019 National Football League season kicks off, where upwards of 38 million people nationwide are expected to place wagers.
Gambling.com Group received licenses from New Jersey, Pennsylvania and West Virginia to expand business deals with gambling operators in those states, according to the statement.
“Attention to sports gambling in the U.S. is booming, and we are building out a robust content team, offering products to match that interest,” Gambling.com Group Director of North American Content Gerry Ahern added in the statement.
Editor’s note: A previous version of this article erroneously indicated the state Division of Gaming Enforcement had approved Edison Partner’s investment in Gambling.com Group Plc. Approval by the DGE was not received for the deal, nor was it required. The DGE previously approved licencing for Gambling.com in March 2019