PlayGreen raises $6M for sports betting in Latin America

PlayGreen has raised $6 million in funding to expand its sports betting business in Latin America.

Brazil-based PlayGreen, a sports media and gaming company, said that Vice Ventures led the funding round. The money will be used to facilitate PlayGreen’s expansion into Ecuador, as it continues to pioneer modern sports media brands and sports betting for the underserved LatinX market.

Founded in 2020, PlayGreen was established with the vision of addressing the unique needs of the Latin American sports community, which it believed were not adequately met by traditional betting apps and media brands.

The company has built a consumer platform that serves as a comprehensive destination for unfiltered sports media and a top-tier sports betting app, specifically tailored for fans and players across Latin America.

PlayGreen’s CEO, Nathan Dionne, said in a statement, “The future of PlayGreen will be shaped with our audience in mind, and this new round of funding will help us continue growing throughout Latin America to achieve our mission.”

The company differentiates itself from larger incumbents by its ability to quickly iterate on new features, providing users with experiences such as machine learning-powered bet suggestions and marketing automation for its media brands. PlayGreen aims to become a market leader in both the sports media and sports betting spaces in Latin America.

The funding, led by Vice Ventures, will be utilized by PlayGreen to launch new features around live-streamed events and to increase revenue through additional sports betting opportunities. Vice Ventures, an early-stage venture capital fund, is known for its investments in companies operating in non-traditional industries, including alcohol, harm-reducing nicotine, and sports betting.

Catharine Dockery, general partner of Vice Ventures, said in a statement, “Vice Ventures is looking forward to continued partnership with PlayGreen as they enter into their next stage of growth.” Dockery once did an interview with me where she said the firm focused on “bad” industries that other financiers wouldn’t touch, including human vice-oriented verticals such as cannabis, alcohol, sextech and wellness, esports, gambling, caffeine, nicotine, psychedelics, addiction recovery and yet to be known vices.

Latin America, known for its dedicated sports fans and impressive teams, is seen as a promising market for sports gaming. PlayGreen aims to provide a platform for engaging with favorite teams in new and innovative ways, catering to Hispanic adults who spend 20 hours a week consuming sports through TV, video, and radio.