Jake Paul’s Betr Raises $35M Ahead of More State Launches

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Betr, the nascent sports betting app co-founded by Jake Paul, announced last week it raised $35 million in a funding round, valuing the company at $300 million.

The latest funding round, led by IA Sports Ventures and Eberg Capital‘s Roger Ehrenberg, along with investments from Fuel Venture Capital, Jake Paul, and Betr Co-Founder and CEO Joey Levy, follows a previous round of $50 million last year. This investment is an extension of that, according to the press release.

“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,” Levy said.

Betr Sportsbook, media arm valued at $300M

The pre-money valuation encompasses a simplified gaming brand, which is live with sports betting in Ohio and Massachusetts. It also includes a social media arm Levy says can power customer acquisition for the sportsbook while still being able to monetize on its own.

In its first 10 months, Betr Media tallied over 1.3 billion social media impressions and 1.4 million followers, according to the release. The company reported that more than 20% of its media audience in Ohio converted to real-money customers for the sportsbook.

In Ohio, where Betr Gaming first launched in January, it holds 0.1% market share and ranks 15th among 18 operators. It holds an identical market share in Massachusetts. That positions it seventh out of eight operators, most of which launched before Betr did in mid-May.

More states, gaming verticals on the way

The company also has market access in Indiana and Virginia, where it could launch later this year. The release adds that additional state market access deals will be announced soon.

“Betr Gaming will be unveiling two additional real money gaming verticals, which will be announced over the coming weeks and months, signifying the company’s commitment to diversification and innovation within the gaming industry,” the company said.

Last month, Betr acquired the Chameleon betting platform from FansUnite. It is intended to support those two gaming verticals, along with adding additional bet types and more than 20 additional sports to its betting product.

That product is scheduled to roll out in early 2024.