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B2B sports betting start-up ParlayBay has secured a €3.5m investment in its latest fundraising round.

ParlayBay offers a variety of sports betting products including in-play microbetting games, betting markets and odds, and leaderboard-based jackpot games.

It also offers the ParlayPowers promotional tool kit to help with player acquisition and retention.

Headquartered in Malta, the company was launched in 2020 by former Yggdrasil CEO and founder Fredrik Elmqvist (pictured), and former head of business for Nordic markets, Patrick Nordwall.

ParlayBay currently works with some 15 sports betting brands worldwide, including Dafabet, Mostbet, and Betturkey.

The company last year signed new agreements with M88 and 96.com, with a view to expanding its footprint in Asian betting markets.

The company said it intends to use the new €3.5m in funding to improve its product suite and therefore offer a superior experience to players.

“We are very pleased to have raised a significant amount in our latest funding round, particularly during such challenging economic times,” said co-founder and executive chairman Elmqvist.

“Thousands of players are enjoying our products and the unique betting experiences they provide, which is the main reason why we have been able to secure this additional investment.

“As we make a concerted effort to expand our presence in Europe, this injection of funds will certainly help us ramp up our growth here and in other regions we are looking to expand into in the future.”

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