Betr, a mobile betting and sports media company co-founded in 2022 by boxer Jake Paul, is well on its way to further growth and expansion. The company began as a micro-betting platform, giving users a chance to place bets on individual plays and events. However, Betr is now poised to expand beyond those capabilities after announcing a $35 million round of financing for its Series A2.
Roger Ehrenberg of Eberg Capital and IA Sports Ventures is the leading investor for this round. However, Fuel Venture Capital, which previously invested $10 million in Betr, has also contributed, increasing its total investment to $20 million. Paul also participated in the latest round of financing, doing so via Anti Fund. Paul’s co-founder, Joey Levy, also made a personal investment during this latest round. The likes of Aliya Capital Partners, Florida Funders, and FinSight Ventures round out the key investors for Betr.
“I am thrilled to announce our Series A2 round of financing, which we opportunistically raised after successfully laying the foundations for Betr Gaming and Betr Media while validating some of our core theses,” said Levy, who serves as CEO.
With this latest investment, Betr is planning to expand to additional betting markets that will make it akin to a full sportsbook. Obviously, Betr is far from the first sports betting platform. But with the recent acquisition of Chameleon from FansUnite and this new round of funding, Betr will be able to offer features like futures, props, parlays, and same-game parlays, putting them on level footing with most prominent sportsbooks. The Chameleon platform will also allow Betr to offer two more real-money gaming verticals it promises are on the way.
In addition to expanding its capabilities, the new round of funding should help Betr to expand its footprint. Currently, Betr Gaming is only operating in Massachusetts and Ohio with plans to launch in Virginia soon. With more funding, Betr should now be able to take advantage of market access in other states and quickly make the platform available to a bigger audience. With yet another infusion of money, Betr could be just getting started.
“Betr is poised to change the dynamics of the online sports betting landscape by moving ‘entertainment’ front and center through compelling content, a superior user experience, and deeper engagement across both major and alternative sports,” says Ehrenberg. “Sports have a special ability to bring people together, and no company is better positioned to accelerate and benefit from this trend than Betr.”