Betr raises $35m in Q2 with plans for more RMG verticals
After a Series A2 round of funding, Betr is valued at $35m pre-money, with final closing set for Q3.
Betr Holdings has announced that the company’s Series A2 round of funding has raised $35m. The startup sportsbook, co-founded by Joe Levy and Jake Paul, is now valued at $300m pre-money.
A final closing is scheduled for Q3. Betr’s Co-Founders have invested, Levy via personal means and Paul via Anti Fund, while the round was co-led by Roger Ehrenberg via IA Sports Ventures, Eberg Capital and Fuel Venture Capital.
Fuel Venture Capital expanded its investment to a total of $20m. Other major investors included: FinSight Ventures, Florida Funders and Aliya Capital Partners.
Betr launched in Ohio on January 1, launched its core sports betting market just before the March Madness tournament, and expanded into Massachusetts with Real Money Gaming (RMG) in May this year.
The sports betting company focuses on online, simplified user interfaces to engage the casual sports fan/bettor. Betr began by offering solely micro-betting products, and now offers additional markets and full sportsbook functionality (in the two states where it is operational).
Betr has recently obtained a Virginia license with plans to launch soon, as well as holds market access in Indiana. In addition to further state launches, Betr plans to announce two more RMG verticals within the coming months.
Within its RMG segment, Betr has committed to responsible gaming by ‘proactively’ banning bet credits as a method of user deposit. Monthly deposit limits for players between 21-25 years old have also been implemented.
Betr acquired the Chameleon platform from FansUnite, which will also power a launch of further online sports betting and iGaming markets for the brand, which are projected to exceed $40bn in the US by 2030.
Joey Levy, Co-Founder and CEO of Betr, said, “Our ability to rapidly scale Betr Media’s audience, and then convert this audience to Betr Gaming, 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.”
Betr Media, a division of the company with billions of social media impressions, creates original, short-form content and estimates that over 20% of its Ohio audience has converted from watching content to becoming RMG customers.
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