Tom Waterhouse, the racing scion turned fund manager, is seeking a top-up for his five-year-old fund through a fundraising push. Waterhouse VC sees opportunities in option deals with companies that provide technology services to bookmakers. The pitch deck highlights the firm's triple-digit returns in one year and the Waterhouse family's 100-year-long history in the wagering industry. Recent successful investments include a crypto wagering technology platform, Saintly, which yielded a quick 23-times return, and Project Tennis, a betting syndicate. Waterhouse VC also screens 13F filings from 16 investing titans for stock picks and invests in companies such as Marathon Petroleum, Western Alliance Bancorporation, McKesson, and Moody's. The presentation deck lacks key details and is more suited for high-net-worth individuals and existing investors in companies like PointsBet and Flutter.
In a related trend, venture capitalists are increasingly investing in online casinos following the success of sports gambling. Nigel Eccles, cofounder of FanDuel, is launching BetHog, a crypto casino, with $6 million in seed funding led by 6th Man Ventures. Online gambling has become mainstream in the U.S. since the rise of daily fantasy sports in the early 2010s, particularly after the 2018 Supreme Court decision that allowed states to legalize sports gambling. The online casino market is substantial, with Stake.com reportedly earning $2.6 billion in 2022. 6th Man Ventures emphasizes the social aspect of online gambling while acknowledging concerns about addiction, which they believe are manageable. [638eba22][96553144]