Patty Camps: Why the next phase of padel investment will be platform-led

Padel’s first wave of investment was easy to understand: find a growing market, build courts, fill them with players. But as the sport evolves, so do the questions investors are asking. What creates loyalty beyond location? How do clubs retain players? Where does long-term value really sit? Patty Camps, a consultant specialising in padel investment strategy and investor relations, explores why the future of padel investment lies in the platforms that connect players to clubs, clubs to data, and data to smarter decisions, turning isolated venues into thriving, interconnected ecosystems.

Over the past decade, padel has evolved from a niche sport into a global business opportunity. What was once driven by enthusiasts and entrepreneurs is now firmly on the radar of institutional investors, private equity firms, and strategic operators. Courts are being built at pace, clubs are expanding across borders, and capital is flowing into the ecosystem at unprecedented levels. 

This first wave of investment has been both necessary and successful. Without courts, there is no game. Without clubs, there is no scale. But as padel enters its next stage of maturity, a key question is beginning to surface: where will long-term value in padel actually be created? 

If the first chapter of padel investment was about building physical infrastructure, the next one will be about building platforms and systems that connect players, clubs, data, content, and community into scalable, defensible businesses. 

Early padel investment followed a familiar and logical pattern. Capital flowed into what was easiest to understand and underwrite: courts, clubs, and real estate. For investors, this made sense. Physical assets feel tangible. Unit economics can be modelled. Revenue per court, utilisation rates, membership growth, and local market demand all provide measurable inputs. Many early deals mirrored strategies seen in gyms, boutique fitness studios, or leisure real estate: acquire or build venues, standardise operations, and expand through replication.

This infrastructure-led approach helped professionalise the sport. It accelerated geographic expansion, improved playing standards, and brought operational discipline to what had previously been a fragmented market. In Europe especially, club networks scaled rapidly, creating national and regional footprints that would have been unthinkable just a few years ago. In short, this first wave laid the foundations. It gave padel a physical presence, commercial credibility, and a baseline business model. 

Limitations of a purely infrastructure-driven strategy 

However, as more capital enters the space, the limitations of a purely infrastructure-driven strategy are becoming clearer. Clubs are capital intensive businesses. They require significant upfront investment, ongoing maintenance, local staffing, and constant operational attention. Margins are often thin, especially in competitive urban markets. Growth can be fast, but it is rarely light. 

There is also a structural challenge: padel is inherently local, but investment capital seeks scale. A court in Madrid does not automatically make a court in Miami or Dubai more valuable. Each venue operates within its own cultural, regulatory, and commercial context. 

This is not to say that club roll-ups or venue consolidation are flawed strategies. They can be highly effective when well executed. But on their own, they struggle to create the kind of defensible, global businesses that attract long-term premium valuations. Scale without differentiation risks becoming scale without loyalty.

Turning isolated courts into networks 

This is where the second phase of padel investment begins. In simple terms, a platform is everything that sits on top of the court: the technology, systems, and experiences that connect players to the sport beyond a single venue. Platforms turn isolated courts into networks, and networks into ecosystems. 

For non-investors, this can sound abstract, so it helps to think practically. Platforms in padel include booking systems, membership structures, coaching marketplaces, competition formats, data analytics, content, media, and community engagement. They are the tools that shape how players discover padel, how often they play, who they play with, and how long they stay engaged with the sport. 

From an investment perspective, platforms matter because they scale differently. A new court requires new capital. A new user on a platform does not. Once built, platforms can grow across cities and countries with relatively low incremental cost, while generating valuable data and recurring relationships. This is where long-term value begins to compound. The court is the entry point, but the platform is where lifetime value is created.

Four key advantages of a platform-led approach

Platform-led models unlock several advantages that physical infrastructure alone cannot. First, they centralise the relationship with the player. Instead of engagement ending when someone leaves the club, platforms allow operators to stay connected across venues, cities, and even countries. This creates continuity in a sport that is otherwise fragmented. 

Second, they generate insight. Data on playing frequency, peak demand, pricing sensitivity, and user behaviour informs smarter decisions, from court pricing to expansion strategy. Over time, this data becomes a strategic asset in its own right. 

Third, platforms open new revenue layers. Memberships, digital services, content, sponsorship, and partnerships can all exist alongside court fees, diversifying income and reducing reliance on pure utilisation. 

Finally, platforms reshape M&A dynamics. Businesses that control technology, data, or community often become acquirers rather than targets, or command higher valuations when consolidation accelerates. 

US padel market stands apart 

Globally, padel markets are developing at different speeds. Europe is entering a more competitive and mature phase, where growth continues but operational efficiency and differentiation matter more. The Middle East has embraced padel as part of a broader lifestyle and wellness narrative, supported by capital and rapid execution. Latin America shows strong organic adoption but remains undercapitalised relative to its potential. 

The United States, however, stands apart. The US is still early in its padel journey, but it is likely to become the market where the platform thesis is tested most clearly. It is capital-intensive, geographically vast, and highly brand driven. Players are accustomed to digital experiences, subscriptions, and integrated ecosystems. In this context, standalone clubs may struggle to achieve national relevance on their own. Platform-led strategies – those that connect venues, standardise experiences, and build recognisable brands – are more likely to succeed.

For global investors, the US is not just another expansion market. It is a signal of how padel’s business model may ultimately evolve. The implication is straightforward: look beyond the court count. Physical assets matter, but they are only one layer of value. The more important question is who owns the relationship with the player, and how that relationship scales. 

More negotiating power and more exit options 

For operators, platforms are no longer optional. They are not simply operational tools, but strategic leverage. In a consolidating market, the businesses that control data, brand, and community will have more negotiating power and more exit options. The most attractive future acquisitions may not be the largest club networks, but the ecosystems that connect them. 

Padel is still in an exciting phase of growth, but the investment narrative is shifting. The sport is moving from a land grab mentality to an ecosystem mindset. The next generation of value will not be defined by how many courts a business owns, but by how well it understands, serves, and retains its players across locations, formats, and experiences. 

In that sense, padel’s future will be built as much in software, data, and community as it is in glass, steel, and turf. For investors looking ahead, that is where the most compelling opportunities are likely to emerge. 

• Patty Camps is a consultant specialising in padel investment strategy and investor relations.. She can be contacted via email at [email protected] Instagram: @venturepadelist @pattycamps LinkedIn: Patty Camps

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