Lucra Sports is a peer-to-peer sports gaming platform that allows fans to legally wager against each other across 37 states in the US. The company launched its iOS app in October 2021, offering a social-first wagering experience where users can create customized contests on professional sports such as the NFL, NBA, MLB, NHL, PGA Tour golf, tennis (WTA and ATP), soccer (MLS, UEFA Champions League, Premier League), and esports like League of Legends and CounterStrike (to be added in Summer 2022).
Lucra's platform enables users to set their own odds, spreads, sports, players, stats, and dollar amounts for wagers, fostering a creative and personalized betting experience. For instance, users can pit a tennis player's aces against an NBA player's three-pointers in the same contest. The company charges a 5% commission only on winnings, eliminating fees for losing wagers.
In its first year of operation in 2021, Lucra achieved 50k active customers and approximately USD 15 million in handle. The company reported revenue of USD 500k in 2022, a fivefold increase from the previous year. Lucra aims to become ubiquitous as a white-label software provider for real-money gamification within the next 1-2 years.
In March 2022, Lucra raised USD 10 million in a Series A funding round led by Raptor Group, with participation from SeventySix Capital, Victress Capital, Milwaukee Bucks owner Marc Lasry, tennis pro John Isner, and NFL player Emmanuel Sanders. The company plans to use the funds for product development, customer acquisition, and expanding its workforce.
Lucra spent 18 months building a robust legal framework for banking, payment processing, compliance, Anti-Money Laundering (AML), and Know Your Customer (KYC) regulations before its launch. The company has signed seven deals in three months, including partnerships with Major League Pickleball and TennisONE.
By using this site, you agree to allow SPEEDA Edge and our partners to use cookies for analytics and personalization. Visit our privacy policy for more information about our data collection practices.