Jun 27, 2023 - Economy

Jake Paul's sports betting app Betr raises $35 million

Photo: Kate Frese/NBAE via Getty Images

Betr, a media and sports micro-betting platform co-founded by social media star and boxer Jake Paul, on Tuesday said it's secured $35 million in new funding at a $300 million pre-money valuation.

Why it matters: The capital will be used to scale Betr's media offering, which centers primarily on YouTube, so that the audience can be converted to sports betters at a low cost.

Details: The round is an extension of the $50 million Series A that Betr raised last year.

  • Fuel Venture Capital and Roger Ehrenberg (via IA Sports Ventures and Eberg Capital) co-led the new investment, while co-founders Paul and Joey Levy also participated.

Catch up quick: Betr mostly focuses on micro-betting and producing sports betting media content, but also has expanded to real money betting.

  • Betr Gaming is licensed in Ohio and Massachusetts, with plans to soon launch in Virginia. It also holds market access in Indiana and other jurisdictions that will be announced soon.
  • Last month, it acquired the Chameleon platform from FansUnite, which will support the launch of its Betr Betting product.

Related: DraftKings and Fanatics locked in sports betting merger battle

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