Betr raised millions from investors to bring its sports betting platform to new audiences.
The startup closed a $35 million funding round led IA Sports Venture, Eberg Capital and Fuel Venture Capital. Co-founders Joey Levy, a serial entrepreneur who lives in Miami, and YouTube star Jake Paul also made personal investments, the company reports.
Betr, backed by more than $85 million in investor capital, reports it now has a $300 million valuation. CEO Levy said the startup will use the funding to grow its gaming and media divisions and to enhance its "focus on responsible gaming supported by a team that believes in doing the right thing."
Founded in 2022, Betr supports online microbetting transactions for sports fans. That enables users to to bet on specific moments of a sporting event – for example, whether a batter will hit a pitch during a baseball game – rather than the final outcome.
Betr's flagship media program is "BS w/ Jake Paul", a YouTube program where Paul and other celebrities and athletes discuss sports and sports betting.
Levy is also the co-founder of SimpleBet, a B2B sports betting technology firm that builds machine learning and automation infrastructure to support sports micro-betting at scale.
In May, Betr acquired the Chameleon technology platform from FansUnite Entertainment for $7.5 million. According to the company, owning that technology gives it the ability to vertically integrate its online casino technology, sports betting engine and future gaming verticals in one platform.
The company has a headquarters office in Miami where it employs 80 people. So far, Betr Gaming is licensed and operational in Ohio and Massachusetts. It is licensed in Virginia and plans to launch in that market this year.
Thirty-seven states and Washington, D.C. have legalized some form of sports betting since 2018, when a U.S. Supreme Court ruling gave individual states the ability to create their own rules surrounding the practice.
That does not include Florida: Mobile sports betting was briefly legalized in 2021, but was overturned by a federal judge just a few weeks later. The United States Court of Appeals is expected to revisit the decision this year.
"It’s a highly regulated industry that requires state-by-state regulatory approvals, licenses, and market access rights," Adrian Figueroa, head of finance at Betr, told the Business Journal.
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