A leading sports gaming and sports media company founded by Jake Paul and Joey Levy announcing a new round of equity financing that will help the company achieve its goals of growth.
What Happened: Founded in 2022 by Levy and Paul, Betr has launched an online sports betting platform, daily fantasy sports and more with plans to continue to grow.
Betr announced Wednesday that it closed a $15 million equity financing round, which values the company at $375 million. The new funding round brings the company’s total funding to date to $100 million.
Harmony Partners and 10X Capital co-led the latest funding round. Existing investors Fuel Venture Capital, Aliya Capital Partners and Roger Ehrenberg/Eberg Capital also participated in the newest funding round.
10X capital was an early investor in DraftKings dating back to July 2018 according to the announcement.
"We believe that Betr has the product, management and market opportunity that we saw in DraftKings in its early days with a significant larger TAM and room for growth today," 10X Capital co-founder and Head of Venture Capital David Weisburd said.
The sports betting and sports media company said the new funding round comes after a "highly successful 2023" for the company, which included increased scale for revenue and paying users.
"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," said Betr CEO Levy.
He highlighted the accomplishments of the company over the past two years.
"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."
Related Link: Betr Enters 27th Jurisdiction, Boosting Joey Levy And Jake Paul’s Joint Venture
What's Next: Betr recently announced plans to expand its online sportsbook, with additional state market access secured. The company has market access for Pennsylvania, Virginia, Indiana, Colorado and Kentucky.
"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," Levy said.
After launching with a beta version of its online sports betting product which focused on microbetting, the company plans to launch its V1 Sportsbook product with full sportsbook capabilities ahead of the 2024 NFL season.
Betr also plans to launch its iGaming product called Betr Casino in certain markets by the end of 2024.
Along with the funding round, Betr also recently announced several additions to its leadership team.
The company hired Dan Maas as the head of Media Revenue, Partnerships, and Strategy. Maas comes to Betr from Wave Sports & Entertainment, where he helped monetize several premium franchises including the "New Heights" podcast from Travis Kelce and Jason Kelce. Maas will lead monetization efforts for Betr Media according to the company.
Andrew Winchell was hired as the head of Government Affairs. Winchell previously worked at FanDuel as the Directory of Regulatory Affairs.
Betr Picks, a daily fantasy sports offering, is available in 24 states. The company's Betr Media division has 2.5 million followers and has generated 2.6 billion impressions and 140 million engagements since launching in August 2022, making it one of the fastest growing sports betting media brands in the U.S.
Read Next: EXCLUSIVE: How Jake Paul, Joey Levy Are Positioning Betr As The Robinhood Of Gambling Industry
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