Sports Betting Service PicksPal Raises $3 Million Third Round
PicksPal, a site where users compete at picking sports outcomes, has raised a $3 million third round from previous investors Bay Partners and Canaan Partners, according to PE Hub. This brings its total to $9 million, as it $4 million last year and $2 million in 2005. Basically, the site offers free contests, in which users can win prized by correctly picking sports winners. The Mountain View, CA-based company then identifies which of its users have the best track records, so it can sell their future picks to sports bettors. Packages from highlighted handicappers can sell for in the hundreds of dollars, while single picks go for much less. Founder and CEO Tom Jessiman was previously an executive at CBS ( NYSE: CBS ) Sportsline.com
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