Betr secures $15m in latest funding push to value business at $375m
Joey Levy and Jake Paul-founded micro-betting operator also awarded sports betting license in Indiana ahead of expansion plans
Betr has secured $15m in strategic equity financing from a group of investors which now values the micro-betting operator at $375m.
The financing, which brings Betr’s total funding to date to $100m, was co-led by Harmony Partners and 10x Capital.
The business’ three largest existing investors, Fuel Venture Capital, Aliya Capital Partners, and Eberg Capital all participated in the round, as did several unnamed others.
Betr was founded by Simplebet founder Joey Levy and social media star Jake Paul in 2022.
The firm expects to be live in seven states by the end of 2024 with its ‘V1’ sportsbook launching ahead of the NFL season in September.
Those include Pennsylvania, where the group also has market access for its online casino brand, and Indiana, where the firm secured a temporary sports betting license in recent weeks.
Last year, the company released Betr Picks in 24 US jurisdictions as it aimed to tap into to growing popularity of pick’em fantasy sports. However, recently regulatory pushback may well dampen the vertical.
Betr has also chosen to not renew its temporary sports betting license in Massachusetts.
The funding round comes after Betr strengthened its senior team with the addition of former DAZN exec Dan Maas as head of media revenue, partnerships, and strategy and ex-FanDuel head Andrew Winchell as head of government affairs.
Speaking on the raise, Levy said: “We are thrilled to announce our strategic equity financing, new members of our senior leadership team, and the approval of our temporary Indiana sports wagering license.
“Jake and I co-founded Betr just over two years ago, so raising capital from leading growth stage investors at a $375m valuation in the very early days of our business is a testament to the performance of the team and business to date, and the potential we have to build a category defining business with Betr.
“Finally, I want to thank the Indiana Gaming Commission for the honor and privilege of a sports wagering license in the Hoosier state. We are excited to launch our new V1 sportsbook product in Indiana over the coming months, while bringing our best-in-class responsible gaming standards to the state,” he added.
Speaking at NEXT: New York today, March 6, Levy was also questioned on a potential exit for himself and co-founder Paul.
He said: “If there’s opportunities along the way we’ll consider that. But our North Star is that $10bn+ IPO outcome”.