By Anna Lardinois
In 2021, Americans wagered more than $52.7 billion on legal sports betting. The industry has boomed since the federal ban on sports betting was lifted in 2018. Today, sports betting is legal in 30 states and Washington DC, and that number is expected to grow this year. Those who follow the industry report an 80% increase in the number of bettors in 2021 and that number is expected to grow significantly in 2022.
Innovators Caleb Dykema and Zach Nichols found an opportunity in the rapidly growing market to assist bettors in the management of their wagers. Their app, Vault, connects with legal online sportsbooks, like Caesars Sportsbook or DraftKings, to track online bets, and analyze the bettor’s performance.
The co-founders have been working on projects together since they met as high school freshmen in West Bend. Both men were curious tinkerers as teens and became engineers. Dykema is a mechanical engineer, and Nichols is a computer science engineer.
Nichols is an avid sports fan and an active bettor. Through research, it was discovered that most bettors use several sportsbooks. They saw the need to find a way for bettors to manage their transactions in a single location. Once the pair began working on the problem, they saw an opportunity to create a useful tool for the rapidly growing legions of sports bettors.
Users can see their bets, statistics and bankroll across different platforms and look for trends in their wagers. The app provides data showing users where their strengths and weaknesses lie by tracking performance by sport, team, bet type and other key categories.
Dykema shares the experience of a Vault user: “One of our users, Kate, was looking at her bets and realized she is going really well with NCAA men’s basketball spread bets. She saw that was her strength and started to focus on those bets. But if she saw she wasn’t very good at NHL bets or something like that, she can see that right away and change her (betting) strategy.”
As Vault evolves, the app will be able to suggest bets for the user based on past performance indicators.
The recently launched app is already in use and the number of downloads continues to grow. The app is free, but the team plans to include paid premium features in future versions of the software. For now, the company is relying on affiliate marketing from legal sportsbook sites to generate revenue.
Vault is currently a founder-funded company, but that may change soon. Nichols and Dykema are considering several different capital raising options to ensure the company can keep up with its rapid growth.
To learn more about the newly launched Vault, connect with them here.