The sports betting industry in Benelux has rapidly evolved, fueled by changing regulations and increased consumer interest. Companies operating here offer various services, from traditional bookmakers to innovative online platforms. They provide a variety of betting options across multiple sports, catering to both casual and dedicated bettors. This sector is seeing a surge in tech-driven solutions, including mobile betting and data analytics. Moreover, as digital transformation continues, we can expect significant growth in the use of cryptocurrencies for wagering, enhancing the betting experience for users and broadening the appeal to new audiences.


The investors featured in this article vary in type, from venture capital to private equity, with a majority based in Luxembourg, Belgium, and the Netherlands. Established between 1985 and 2017, these firms range from small teams of 1-10 employees to substantial operations with 5000 team members. They collectively executed over 75 investments in 2024, underscoring their dynamic engagement in the sports betting market. These diverse firms illustrate a robust investment landscape, emphasizing growth and innovation within the betting industry.


Top 12 Sports Betting Investors in Benelux


1. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity firm founded in 2005, based in Luxembourg, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. The firm specializes in private equity, credit, secondaries, and infrastructure investments. Notably, CVC has made significant strides in the sports betting industry, acquiring a majority stake in Tipico Group, a leading sports betting operator in Germany, in 2016. This acquisition underscores CVC's strategic focus on the sports betting market. Furthermore, CVC's acquisition of Sisal Group S.p.A., a company involved in gaming and betting, for an enterprise value of €1 billion, further emphasizes their commitment to this sector. Additionally, CVC has been involved in other related transactions, such as acquiring Magnum Corp and investing in Premiership Rugby, showcasing their diverse portfolio while maintaining a strong presence in the sports betting landscape.


2. Stake Capital Group

  • Website: stake.capital
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2021
  • Headcount: 11-50
  • Number of deals in 2024: 12
  • LinkedIn: stake-capital

Stake Capital Group is a venture capital firm based in Luxembourg, founded in 2021. The firm specializes in blockchain and DeFi technologies, providing asset management and investment advisory services to businesses in the technology and finance sectors. Notably, Stake Capital has participated in several transactions that align with the sports betting context, including a $4.5 million seed round for Eterlast, which aims to launch Web3 games for sports fans. They also invested in MetaFight, which raised over $1 million in a seed round, and Katana Inu, further demonstrating their engagement in projects that intersect with gaming and sports. These investments highlight Stake Capital's commitment to exploring innovative applications within the sports and gaming industries.


3. Fabric Ventures

  • Website: fabric.vc
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2012
  • Headcount: 11-50
  • Number of deals in 2024: 16
  • LinkedIn: fabricventures

Fabric Ventures is a venture capital firm based in Luxembourg, founded in 2012. The firm focuses on investing in the Open Economy, supporting founders and startups in sectors such as finance, gaming, and infrastructure. They provide venture capital, business development support, and community engagement to help early-stage companies succeed. Notably, Fabric Ventures has invested in Sorare, a fantasy sports platform that raised $10 million in a seed round in July 2020, and SorareData, a data application for tracking player performances that raised €2 million in September 2023. These investments highlight their engagement in the sports and gaming sectors, which are closely related to sports betting. Additionally, their investment in Yield Guild Games, which raised $4 million in a Series A round in June 2021, further emphasizes their focus on gaming, which can intersect with sports betting dynamics.


4. LeanSquare

  • Website: leansquare.be
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 2014
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: leansquare

LeanSquare is a venture capital investment fund based in Belgium, founded in 2014. The firm specializes in supporting innovative projects across various sectors, including Cultural and Creative Industries, Enterprise Software, and Life Sciences. LeanSquare provides financial investment, expertise, and networking opportunities to startups that are at a mature stage and seeking growth. In 2023, LeanSquare participated in significant transactions relevant to the sports sector, including a seed funding round for CityLegends, which aims to expand its marketing efforts and user base in Western Europe and the U.S. This investment indicates LeanSquare's interest in sports-related ventures. Additionally, LeanSquare invested in Raw Stadia, a sports tech company focused on the NFL market, further highlighting its engagement in the sports industry. These transactions demonstrate LeanSquare's potential relevance to the sports betting sector.


5. LUMO Labs

  • Website: lumolabs.io
  • Type: Venture Capital
  • Headquarters: Eindhoven, North Brabant, Netherlands
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: lumo-labs

LUMO Labs is a venture capital firm based in Eindhoven, North Brabant, Netherlands, founded in 2016. The firm specializes in impact-driven investments in emerging technologies, providing funding and tailored support programs to early-stage startups that address social and environmental challenges. Their focus areas include AI and Blockchain technologies. Notably, LUMO Labs participated in a funding round for CityLegends, which raised close to €1 million in November 2023. This investment was part of a syndicate that included other investors and aimed to enhance CityLegends' marketing efforts and user base, particularly in the sports tech sector. Additionally, LUMO Labs has been involved in other seed funding rounds, indicating their active role in supporting innovative startups.


6. 7GC & Co

  • Website: 7gc.co
  • Type: Corporate
  • Headquarters: Luxembourg
  • Founded year: 2016
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: 7-global-capital

7GC & Co. is an investment management firm based in Luxembourg, founded in 2016, specializing in growth-stage internet businesses. The firm manages approximately $400 million in assets and focuses on facilitating access to European markets for US tech companies. Notably, 7GC & Co has participated in significant transactions within the sports betting context, including a $120 million Series D funding round for Jackpocket, a company that provides a platform for legal sports betting through mobile devices. Additionally, they were involved in a $10 million venture round for Lucra Sports, which is likely connected to the sports and gaming industry. These investments highlight their active role in the sports betting sector while maintaining a broader investment strategy.


7. Waterland Private Equity


Waterland Private Equity Investments B.V. is a private equity firm based in Bussum, North Holland, Netherlands, founded in 1999. The firm specializes in growth equity investments and partners with ambitious entrepreneurs and management teams to support their growth strategies through strategic planning and operational assistance. Waterland operates across Europe and focuses on various sectors, including healthcare and sustainability. Notably, Waterland has made significant investments in the sports betting industry, including the acquisition of Napoleon Games Group, which highlights their engagement in this sector. This acquisition, along with their previous investment in Napoleon Games, underscores their commitment to the sports betting market, while also maintaining a diverse investment portfolio.


8. Exor N.V.

  • Website: exor.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 26
  • LinkedIn: exor_2

Exor N.V. is a holding company based in Amsterdam, Netherlands, founded in 2009. It operates across various sectors including automotive, healthcare, and media, managing a diverse portfolio of companies such as Ferrari, Stellantis, and Philips. Exor focuses on enhancing value through strategic investments and operational support. Recently, Exor has made notable investments in the sports sector, including a significant funding of ?200 million to Juventus Football Club S.p.A., which is a major player in the football industry and likely to engage in sports betting activities. Additionally, Exor invested in DICE, a company that may have connections to the sports betting ecosystem, although the specifics of this investment are less clear. These transactions highlight Exor's active role in the sports industry, making it a relevant player in the context of sports betting.


9. Lrm

  • Website: lrm.be
  • Type: Venture Capital
  • Headquarters: Hasselt, Flanders, Belgium
  • Founded year: 1994
  • Headcount: 51-200
  • Number of deals in 2024: 1
  • LinkedIn: lrmnv

LRM is a venture capital investment company based in Hasselt, Flanders, Belgium, founded in 1994. It focuses on sustainable economic growth in the Limburg region by providing financing and expertise to startups, scale-ups, and mature companies. LRM is also involved in real estate development and the reconversion of old mining sites, contributing to the local economic ecosystem. Notably, LRM has invested in Small Teaser, which raised €800,000 to enhance its R&D and marketing efforts, and in Raw Stadia, a sports tech company that raised $1.63M to expand into the US market with a focus on the NFL. These investments highlight LRM's engagement in the sports sector, particularly in areas that could relate to sports betting.


10. Maor Investments


Maor Investments is a venture capital firm based in Luxembourg, founded in 2017, that specializes in investing in revenue-generating Israeli technology companies. They provide advisory services and facilitate connections between startups and European corporates, bridging the gap between Israeli innovation and European markets. Notably, Maor Investments has participated in funding rounds for companies like Minute Media, which raised $40 million in 2020 and is the parent company of DBLTAP, a platform that covers sports news and events, including aspects related to sports betting. Additionally, they were involved in a $23 million Series C funding round for WSC Sports, a company focused on sports content and technology, which could also intersect with the sports betting industry. These transactions indicate a strategic interest in the sports sector, although their primary focus remains on technology investments.


11. Flow Ventures


Flow Ventures is a venture capital firm based in Randstad, Netherlands, specializing in early-stage investments primarily in the blockchain and decentralized finance sectors. The firm provides capital and strategic advisory services to startups, focusing on token-based networks and innovations in areas such as gaming and NFTs. In January 2022, Flow Ventures participated in a seed round for Azuro, which raised $3,500,000. Azuro is likely involved in decentralized betting, which aligns with the sports betting industry. Flow Ventures aims to accelerate the digital revolution by fostering long-term partnerships with its portfolio companies, including those in the gaming and betting space.


12. Noshaq

  • Website: noshaq.be
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 1985
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: noshaq-be

Noshaq is a venture capital investment fund based in Belgium, founded in 1985. It provides financial solutions and strategic support to small and medium-sized enterprises (SMEs) in the province of Liege, focusing on funding, project structuring, and business development. Noshaq aims to foster growth and innovation, particularly in sectors such as biotech and sustainable development. Recently, Noshaq has made notable investments in the sports technology sector, including a $1.63M investment in Raw Stadia, a company targeting the NFL market, and participation in funding rounds for MYOCENE, a Belgian sportstech company. MYOCENE's funding rounds are aimed at preparing a 'Go to Market product' in the sports industry, further emphasizing Noshaq's engagement in the sports sector.



Sports Betting Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
CvcLuxembourg1001-5000200516
Stake Capital GroupLuxembourg11-50202112
Fabric VenturesLuxembourg11-50201216
LeanSquareBelgium1-1020143
LUMO LabsEindhoven, North Brabant, Netherlands11-5020165
7GC & CoLuxembourg1-1020162
Waterland Private EquityBussum, North Holland, Netherlands201-50019997
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
LrmHasselt, Flanders, Belgium51-20019941
Maor InvestmentsLuxembourg11-5020173
Flow VenturesRandstad, Netherlands1-101
NoshaqBelgium11-50198511


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