Adam I. Kaplan Joins Astralis Capital Management as General Partner

Kaplan brings more than 16 years of operational leadership, investment expertise, and strategic advisory experience at industry-leading sports, gaming, media, and technology companies

Adam I. Kaplan Joins Astralis Capital Management as General Partner

Astralis Capital Management (“Astralis”), a venture capital firm focused on the digital transformation of the global sports and gaming industry, today announced that Adam Kaplan has joined the firm as General Partner. Kaplan brings more than 16 years of operational leadership, investment expertise, and strategic advisory experience at industry-leading sports, gaming, media, and technology companies.

Kaplan is the Managing Partner of Kaplan Ventures, a venture capital investment firm with a portfolio that includes PrizePicks, Underdog, BetDex Labs, Bettor Capital, POW! Interactive, and more.

Kaplan was Chief Operating Officer and Board Observer at SportsGrid, the 24-hour streaming video network dedicated to live sports wagering. During his tenure, SportsGrid achieved distribution to over 250 million monthly active users, ranked as the #1 sports-genre FAST channel, and delivered more than 200 million sessions and 27 million hours watched in 2024.Prior to SportsGrid, Kaplan served as General Manager and Vice President of Content at FanDuel Group, the #1 online gaming company in the U.S. and a subsidiary of Flutter Entertainment plc (NYSE: FLUT), the world’s leading gaming company.

In this role, he oversaw content strategy and P&L across FanDuel’s portfolio of brands and verticals, including Sportsbook, Fantasy, Casino, TV, and more. During his tenure, the company generated billions in annual revenue, launched Sportsbooks in 12 states and iCasino in 4 states, while offering Fantasy sports in 44 states and horse racing in 31 states.

Earlier in his career, Kaplan was Chief Operating Officer at numberFire, a sports analytics platform acquired by FanDuel in 2015. He began his professional journey as one of the first 25 employees at Yext (NYSE: YEXT), where he served as Director of National Accounts & Strategic Partnerships.

“We are thrilled to welcome Adam to the partnership,” said Tisno Ongarra and Evan Meyer, Managing Partners of Astralis. “His deep operational expertise, proven investment track record, and leadership in scaling high-growth companies make him an ideal addition to our team as we continue to identify and support the next generation of category-defining businesses.”

Both Astralis and Kaplan — through Kaplan Ventures as well as a special purpose vehicle (SPV) — are investors in PrizePicks, which recently announced a majority stake acquisition by Allwyn International at a $2.5 billion valuation, potentially rising to $4.15 billion if performance targets are met. The acquisition is expected to be finalized in the first half of 2026, pending regulatory approvals and closing conditions.

“Having worked closely with Adam on the PrizePicks investment and other overlapping themes, Tisno and I felt he was the perfect fit as we expand Astralis in advance of launching Astralis Fund II LP and thinking through adjacent investment strategies,” said Evan Meyer.“I’m excited to be joining Astralis at such a critical time in the gaming and sports industries, with innovation and disruption happening everywhere,” said Adam Kaplan. “Tisno and Evan have proven track records as investors, and together with our partners, we will help the next wave of innovative gaming, sports, and technology companies reach their full potential.”