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Machine Learning Based Sports Betting Company JAMBOS Picks Raises $23 Million
29th August, 14:14JAMBOS Picks announced it has raised $23 million to build on its machine learning-based sports betting platform
Michael Schwimer, a former MLB pitcher, runs a D.C. startup called JAMBOS Picks. JAMBOS Picks is bringing a machine learning-based approach to sports betting, according to DC Inno. And JAMBOS Picks has raised $23 million in funding as it is exits beta mode and is entering the market. Some of the investors include FirstMile Ventures founder and general partner Bill Miller, angel investor David Ganek, Winston Partners managing partner Marvin Bush, and New York Racing Association chairman Steve Duncker.
How does it work? JAMBOS uses data-based models for making bet recommendations around NFL, NCAA Football, NCAA Men's Basketball, and MLB games. And the company recruited a data analytics team who have experience in sports and finance for building algorithms, which uses data predictions based on teams, weather conditions, players, the home and away stats, and matchups.
"Our proprietary algorithm brings a machine learning-based approach to sports betting and guarantees profitability if you follow our system or we pay you," said Schwimer in a statement via SBC Americas. "By analyzing everything from both publicly available and commercial data sets - some of which are exclusive to JAMBOS - we ensure that subscribers are always equipped with the best possible bet recommendations. Our record of success speaks for itself."
JAMBOS is also guaranteeing that picks will be profitable otherwise bettors will receive their subscription fee back along with some additional money. The discounts are based on subscription length. In terms of costs, the full 17-week plan costs $3,000 and there is a $10,000 refund if the picks do not make any money overall if you are willing to bet a lot.
DC Inno gave an example where a $3,000 subscription including 1,000 recommended bets would give $10,000 back if you followed the JAMBOS method of $300+ bets and did not profit.
According to SBC Americas: For the eight months that began in December 2018, JAMBOS made 2,522 recommendations and finished up 234.95 units. This led to $70,000 of profit for the method's recommended $300 bets (10% profit on a deposit of $756,600).
"I watched analytics completely change Wall Street during my time as a Partner at Goldman Sachs and Michael and his JAMBOS team are far ahead of this same trend in sports betting," added Duncker via SBC Americas. "I was convinced from their success in forecasting careers of minor league baseball players at Big League Advance that JAMBOS would be successful. Picking NCAA Men's Men's basketball at a verified 58.3 percent rate over more than 1000 picks proved that the Big League Advance and JAMBOS approach is groundbreaking."