Investor Peter Chernin has placed a big wager on the future of US sports betting and daily fantasy sports (DFS) via the launch of a new sports data company.

On Monday, the California-based Chernin Group announced the formation of The Action Network, a “premium sports analysis and media company that will cater to the $170 billion+ underserved sports wagering and fantasy markets.”

The Action Network includes the newly acquired operations of Massachusetts-based DFS analytics firm FantasyLabs, sports info and betting services provider Sports Insights, as well as real-time scores-, odds- and picks-tracking app platform SportsAction.

Former ESPN personality Chad Millman has been brought on board as The Action Network’s new Head of Media. Millman, who will be responsible for overseeing the Network’s content strategy, said betting and fantasy are “the prisms through which so many fans watch sports. And that audience is only going to grow.”