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The iGaming industry is crying out for disruption and innovation. Start-up Stories is your new guide to the potential game-changers of online gambling.

We ask the key questions to provide investors and industry professionals with crucial insight into the new ventures seeking to redefine the digital entertainment space.

Last week we brought you Units, this week, we turn our attention to Rithmm. 

What? 

Rithmm is a US sports betting platform that harnesses AI and advanced analytics. 

This empowers sports bettors to create custom analytical models, enhancing their ability to make informed betting decisions.

The platform simplifies traditional sports betting analytics and modelling, breaking down the complexity and barriers, making it accessible to users of all skill levels. 

Rithmm’s mission is to become synonymous with smart betting, serving as the trusted resource users consult before placing bets, be it with sportsbooks, friends, or in pick’em tournaments. 

The firm’s target customers encompass sports bettors seeking to reduce decision fatigue and elevate the entertainment value of betting, who will pay a subscription fee to use the service.

“Our biggest differentiator is that we are not selling prefabricated picks. We hide the complexity on the backend and give the user a very simplified approach. Many other sites are confusing, complicated and they seem to have a lot of services. We have shrunk it down to let our users make a smart bet by using their instincts and our algorithm.”
Rithmm on their USP

Who?

CEO and co-founder Megan Lanham (pictured below) is an experienced chief executive, with two successful exits, and an MBA from MIT.

She was a Division I basketball coach for over a decade before transitioning into the business world. 

CTO and co-founder Brian Beachkofski has a background in predictive analytics, AI and machine learning. 

Prior to Rithmm, he served as the commander of Kessel Run, the US Air Force software division, and held positions in the financial world, including managing director at Third Sector Capital Partners in Boston. 

He holds multiple degrees, including an MBA from MIT, a PhD in Probabilistic Analysis Methods, an MS in Engineering, and is a graduate of the Air Force Academy.

A group of investors, including three of DraftKings’ original seed investors – Boston Seed Capital, Accomplice, and Counterview Capital, supports the start-up.

When?

Rithmm launched its platform in September 2023. In the next 12 to 24 months, Rithmm plans to expand its platform to cover new sports such as NHL, PGA Tour, International Soccer, MLB, and more. 

The firm will also incorporate modelling for props and other bet types while continuously integrating more data to assist users.

Rithmm’s vision includes leveraging its technology to collaborate with leading names in sports and entertainment, revolutionising the way they engage in betting discussions and activities. 

Their ultimate goal is to become an integral “part of every sports bettor’s routine”.

Looking five years ahead, Rithmm envisions itself as a global leader in sports betting predictive analytics. 

“Success will be defined by our recognition as a trusted source for sports predictions, a thriving and engaged user community, strategic partnerships with major stakeholders, and a platform that continues to set industry standards for accuracy and user experience,” the firm said. 

Where?

Rithmm’s headquarters are situated in Boston, MA, but their workforce operates remotely.

Why?

Rithmm believes bettors lack access to predictive models akin to those used by professionals, and they lack a team of mathematical quants, data scientists, or machine learning engineers to validate their instincts.

Rithmm offers a solution by concealing the complex math and delivering a simplified and personalised approach. 

Users “input their instincts”, which are then combined with the platform’s algorithm.

Within 10 seconds, Rithmm generates a model that provides an analysis and prediction for each game, including recommended picks, predicted scores, win probabilities, and market edges.

Rithmm said they’ve simplified complex modeling, removing the skillset barrier and making it fast, easy, and available to any level of bettor.

Rithmm believes that the need for its business is evident: “With the legalisation of sports betting in several regions, there is a growing demand for reliable predictive analytics to assist bettors. 

“Investors should consider Rithmm as an attractive opportunity due to its unique position in the sports betting market, its innovative and user-friendly approach, and the potential for significant growth as it addresses a pressing need in the industry,” the company added. 

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