ParlayBay completes €1m funding as Elmqvist joins board

Sports betting games provider ParlayBay has raised €1m to drive its future growth, complementing the recent appointment of Yggdrasil founder Fredrik Elmqvist as a board member.

The additional funds will allow the supplier to elevate its position in key markets, and follows a year which has seen deals with a number of brands, including TipoBet365, TOPsport and Hub88.

Most recently, ParlayBay signed an agreement with 7bet, with the operator becoming the first to incorporate ParlayBay’s real-money gaming suite.

ParlayBay’s portfolio comprises titles such as STREAK, BOSS, GEKKO, GREYHOUND and ANTE-X, with plans to launch PARLAYPOWERS next year, a set of promotional tools that elevate player engagement with free bets, early bird bonuses and cash drops.

“We’re really pleased to have raised a considerable amount in our most recent funding round, especially given the current challenging climate,” said ParlayBay CEO Patrick Nordwall. “Fredrik joining our board is a fantastic addition as we ramp up our growth going into 2023.

“We’ve had a very good year and the money raised gives us the opportunity to drive things forward even quicker.”

Commenting on his appointment to the board, Elmqvist said: “It’s a really exciting time to have joined ParlayBay and I’m looking forward to seeing what the future holds. In just over a year, the company has shown to be a pioneer that places product innovation at the forefront of its strategy.

“Raising €1m in these tough times is a sign of strength and that we are well positioned in the market.”

ParlayBay is headquartered in Malta and has offices in Sweden and Poland.