Betr, a Miami, FL-based sports gaming and sports media company, closed $15M in strategic equity financing, at a $375M valuation.
The round, which brought the total amount to $100M, was led by Harmony Partners and 10x Capital, with participation from existing investors, Fuel Venture Capital, Aliya Capital Partners, and Roger Ehrenberg/Eberg Capital, alongside others.
The company intends to use the funds to further accelerate its sport gaming and media business.
Founded in 2022 by Joey Levy and Jake Paul, Betr is a sports gaming and sports media company focused on enhancing the consumption of sports through entertainment. Betr began with a beta version of its Online Sports Betting (OSB) product, which only offered microbetting markets such as the next play in a football game or the next pitch in a baseball game, before launching its real-money Daily Fantasy Sports (DFS) product, Betr Picks, in 24 states. The company plans on launching its V1 Sportsbook product with full sportsbook capabilities ahead of the 2024 NFL season, as well as its iGaming vertical with the launch of Betr Casino by the end of 2024. The media division, Betr Media, is the fastest growing sports betting media brand in the United States that has grown to over 2.5 million followers, 2.6 billion impressions, and 140 million engagements across its social channels since publicly launching in August 2022.
The company recently announced market access expansion plans for its Online Sportsbook product, having secured market access in Pennsylvania, Ohio, Virginia, Indiana, Colorado, and Kentucky, as well as the upcoming launch of its Casino product (pending regulatory approval), with the company also securing iGaming market access in Pennsylvania. Betr has also officially received its temporary Indiana sports wagering license from the Indiana Gaming Commission in recent weeks.
Commenting on th news, Joe Levy said: “Jake (Paul) and I co-founded Betr just over two years ago, so raising capital from leading growth stage investors at a $375 million 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.“
FinSMEs
06/03/2024