That said, the public online-gambling companies like DraftKings and Penn National Gaming have not yet been as impacted by inflation as other businesses, like tech and media companies, that rely heavily on advertising. In sports betting, it's getting harder for startups with unproven founders and high burn rates to raise money, and valuations are being recalibrated, two industry investors told Insider. Layoffs have also started to spread across early-stage tech and media companies, from the creator startup Cameo to the media brand Wave Sports + Entertainment.

Venture capitalists are getting more cautious as public-market valuations plummet and inflation rises. Economic uncertainty has shaken the startup landscape Of course, it's much more challenging to be a startup today than it was even six months ago. Insider spent six months compiling and analyzing information on companies in the US sports-betting ecosystem to build a database of startups in the industry. That was up from 32 deals worth less than $200 million the year before. In 2021, PitchBook tracked 44 venture-capital deals totaling $700 million in US sports betting as of late December. Account icon An icon in the shape of a person's head and shoulders.

Sports Betting Intern at jump capital