Melbourne sports-tech company raises $5m for US expansion

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The owner of a Melbourne Cup-winning horse is taking a punt on Cipher Sports Technology Group which hopes to crack the newly legal US online sports betting market.

Melbourne-based Cipher Sports Technology Group has raised $5 million from private investment group Cygnet Capital to crack theThe company does not take bets, but operates sports betting websites Dimers.com and StatsInsider.com.au, which chief executive Adam Fiske said gives consumers independent information to help them place their bets.

“The biggest market in the world coming online for the first time is not something that happens very often,” Mr Fiske said. “New York has passed Las Vegas as the betting capital of the US very quickly.” “It’s quite remarkable to think that a market the size of North America has only just embraced online sports betting, something we’ve had access to for over 20 years here in Australia,” Mr Rosham said.

“We believe that the broader wagering sectors, and specifically the US, will provide an opportunity to leverage and expose our capital to above average growth in a challenging and volatile global investment environment.”

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