Financial services business Cardinal Sports Capital and marketing firm Hot Paper Lantern Digital Sport are combining efforts into an accelerator program that will, in part, help Cardinal invest up to $100 million in sports betting and sports technology ventures and use the resources of both businesses to hone startups’ approaches.
“A lot of startups have great ideas, great management groups, but need access to capital to grow,” Cardinal partner Scott Secord said in a video call. “Especially in the sports gaming space, you don’t have the luxury of taking your time to get from point A to point B, because everything is moving so quickly. We have a wide variety of investors that want to participate in companies that either Hot Paper Lantern identify or we identify.”
