Jun 27, 2023 - Economy

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

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.

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

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