Betr to launch new verticals with Series A2 financing of US $35 million

Betr, a start-up in the gaming and betting industry, has successfully raised $35 million in a Series A2 round of financing. This latest funding comes as the company prepares to launch two additional verticals. With the new investment, Betr now holds a pre-money valuation of $300 million. The funding round was co-led by Roger Ehrenberg of IA Sports Ventures, Eberg Capital, and Fuel Venture Capital, with Fuel increasing its investment in Betr from $10 million to a total of $20 million. Co-founders Joey Levy and Jake Paul, along with major existing investors such as FinSight Ventures, Florida Funders, and Aliya Capital Partners, also participated in the round, significantly increasing their investments.

Licensed in Ohio and Massachusetts

Betr initially offered a microbetting-only product, enabling users to place bets on specific plays and micro events in sports. However, the company has recently expanded its offerings to include additional betting markets and full sportsbook capabilities. Currently licensed and operational in Ohio and Massachusetts, Betr plans to launch in Virginia soon and holds market access in Indiana and other undisclosed jurisdictions.

In addition to sports betting, Betr is preparing to unveil two new real-money gaming verticals, potentially including an iCasino offering.

Acquisition of Chameleon platform

The recent acquisition of the Chameleon platform from FansUnite will support the launch of Betr’s online sports betting product with full sportsbook capabilities and the two additional gaming verticals. The Chameleon platform includes a player account management system and online casino management services.

Betr’s media division, Betr Media, has achieved over 1.3 billion impressions on social media within its first 10 months. The division focuses on creating original content and short-form media, targeting the male demographic aged 21 to 34.

Betr founder and CEO Joey Levy expressed excitement about the Series A2 financing, emphasizing the company’s ability to rapidly scale Betr Media’s audience and convert them into Betr Gaming users at low-to-no customer acquisition costs.

Levy highlighted Betr’s three key pillars: a focus on low-to-no customer acquisition costs through social media expertise, strong user engagement and retention driven by brand affinity and a unique product, and a commitment to responsible gaming.

Betr Gaming has implemented measures such as banning credit cards as a deposit method and imposing monthly deposit limits for young consumers aged 21 to 25 to promote responsible gambling practices.

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