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ParlayBay, the provider of innovative sports betting titles, has raised €1 million to drive growth as the company seeks to achieve ambitious commercial goals in 2023.

With an aim to disrupt the sports betting industry, the additional funds will allow the company to elevate its position in key markets and deliver exciting experiences to more players across the world.

Earlier this month, the provider reinforced its board of directors with iGaming veteran and Yggdrasil founder, Fredrik Elmqvist. With several years of strategic experience and a considerable network, Elmqvist’s arrival gives the company a significant boost as it heads into the new year.

This year, ParlayBay closed deals with a number of brands across the globe, including TipoBet365, TOPsport and Hub88. Most recently it signed an agreement with 7bet, a partnership which saw the operator become the first to incorporate ParlayBay’s thrilling real-money gaming suite.

ParlayBay’s portfolio consists of its ground-breaking titles such as STREAK, BOSS, GEKKO, GREYHOUND and ANTE-X, a collection which gives players a game-changing sports betting experience, with smooth and eye-catching UI/UX-focused designs.

In 2023, the company will introduce PARLAYPOWERS, a unique set of promotional tools that elevate player engagement with free bets, early bird bonuses and cash drops, some of the exciting features on offer.

Patrick Nordwall, CEO at ParlayBay, said: “We’re really pleased to have raised a considerable amount in our most recent funding round, especially given the current challenging climate.

“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.”

Fredrik Elmqvist added: “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 €1 million in these tough times is a sign of strength and that we are well positioned in the market.”

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