Jake Paul, former Walt Disney Co. DIS actor and current YouTube star-turned-boxer, has raised $50 million with entrepreneur Joey Levy to found Betr, a new sports betting website.
What happened: Paul announced on Monday via Twitter Inc TWTR that the company is split into two segments: The first being a sports media content factory, with the flagship show called “BS With Jake Paul,” and the second portion of the business focuses on online betting, and an online casino.
Paul will serve as President of Betr, and Levy will serve as CEO.
“Micro-betting is the TikTok-ification of sports betting and I am excited to bring it to the masses through Betr,” Paul said in a statement. “We are in this for the long haul and are focused on doing things the right way…. We want to be the category defining consumer company in both sports betting and sports media by the end of the decade and are confident we will achieve that goal.”
Why it matters: Betr is the first direct-to-consumer micro-betting focused sports betting company, focusing on micro-betting. A new kind of wagering that offers discrete betting opportunities during key events in American sports, including pitches and at-bats in baseball, and plays and drives in football, bringing quick gratification to the sports betting user experience.
“BS With Jake Paul” aims to be the most viewed and engaged sports shows in the digital market, discussing the hottest stories in sports, with each episode featuring a different celebrity/athlete.
The company raised $30 million in its series A round, with investments from rapper Travis Scott, pro football players Ezekiel Elliott, Richard Sherman, and Dez Bryant — the Series A round was followed up by a Series A1 round, where an additional $20 million was raised.
“Our objective is to become the consumer company, product, and brand synonymous with micro-betting,” Levy wrote on Medium, “and ultimately the category defining real money gaming consumer business in the U.S.”
Photo: Courtesy of Erik Drost on flickr
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