Entering 2024 with ambitious goals, Betr, initially established as a microbetting company, now has the financial backing to materialize its aspirations.
Thanks to Wednesday’s disclosed investment of $15 million from Harmony Partners and 10x Capital, Betr, co-founded by social media influencer and boxer Jake Paul, has seen its valuation soar to $375 million.
“Jake 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,” said Joe Levy, Betr CEO and Co-founder.
Another round of funding
Another recent investment pushes total funding to $100 million, with the latest deal for the sports betting, gaming, and media company. It's set to launch a more traditional sportsbook this year, which will also carry its microbetting offerings, as well as an online casino expected to debut in 2024.
Receiving financing from 10x Capital is a big deal, too. The investment firm has heavily funded DraftKings in the past and is on board with what Betr is looking to accomplish.
“We believe that Betr has the product, management, and market opportunity that we saw in DraftKings in its early days with a significantly larger TAM and room for growth today,” said David Weisburd, 10x Capital’s Co-founder and Head of Venture Capital.
Heading to Hoosier State
Levy also announced that Betr has received a temporary operating license in Indiana, where it will launch the new sportsbook.
“I want to thank the Indiana Gaming Commission for the honor and privilege of a sports wagering license in the Hoosier State,” Levy said. “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.”
Betr, which was founded in 2022, has quickly expanded to Pennsylvania, Virginia, Indiana, Colorado, and Kentucky. Meanwhile, Betr Picks — a daily fantasy sports site — is currently live in 24 U.S. states.
New leadership
Betr has also announced several new leadership additions, including Dan Maas being hired as Head of Media Revenue, Partnerships, and Strategy to monetize Betr Media.
Additionally, Andrew Winchell comes from FanDuel to take over as the new Head of Government Affairs. With experience in government and regulations, he’ll help Betr navigate new markets and launches.
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