Betr Sportsbook, Led By Jake Paul, Raises $35 Million In A2 Funding
While Betr may have begun as a niche micro-betting operator, the company is aiming for greater heights. The Jake Paul co-founded operator has announced that the company has raised $35 million in Series A2 funding. This comes from Roger Ehrenberg via IA Sports Ventures and Eberg Capital, and Fuel Venture Capital. Fuel has expanded its investment size from $10 million to $ 20 million total.
With this funding, the sports media and micro-betting company will work to expand its offering. The ultimate goal is to become a full sportsbook.
Betr Expansion Plans
This round of funding comes following the recent acquisition of the Chameleon platform from FansUnite. The acquisition enables Betr to launch Betr Betting, a full sportsbook with sports betting options found at the best sports betting sites.
Betr Betting will offer the likes of pre-match and in-play core markets, parlays, same-game parlays, futures, props, and other bet types per the release. The funding is a forward-moving step in the ultimate goal of the expansion of the company.
“I am thrilled to announce our Series A2 round of financing, which we opportunistically raised after successfully laying the foundations for Betr Gaming and Betr Media while validating some of our core theses,” said Joey Levy, Founder and CEO of Betr. “Our ability to rapidly scale Betr Media’s audience, and then convert this audience to Betr Gaming at low-to-no-CAC, will enable us to have the best unit economics in the regulated, real-money gaming industry, positioning Betr to create more value than incumbent operators over time.”
Why Betr Stands Out As An Attractive Investment
Betr describes itself as the “fastest growing sports betting media brand in the United States.” The company has accumulated more than 1.4 million followers, 3 billion impressions, and 70 million engagements across all social channels. Assuredly, Jake Paul has help on social media as a key influencer.
The micro-betting product has also managed to claim market share in Massachusetts and Ohio, two major betting markets. The combination of their social presence and market share makes Betr an attractive investment in the betting industry. Betr has also received the 2023 Hashtag Sports Award for Best Sports Betting Content
“Betr is poised to change the dynamics of the OSB landscape by moving “entertainment” front and center through compelling content, a superior user experience and deeper engagement across both major and alternative sports. Sports have a special ability to bring people together, and no company is better positioned to accelerate and benefit from this trend than Betr.”Roger Ehrnberg, Investor
According to the company, Betr has managed to convert 20% of its social media audience to real money gaming customers in Ohio. This shows major profit potential in the future for the company. A similar strategy was adopted by Barstool Sports which turned its sports media outfit into a major online sportsbook operator.
Betr is aiming to have similar success in the market.