The Series A2 round was co-led by Roger Ehrenberg of IA Sports Ventures and Eberg Capital, along with Fuel Venture Capital. Fuel has expanded its investment in Betr from $10m to a total of $20m.
Betr co-founders Joey Levy and Jake Paul also participated in the round, along with major existing investors such as FinSight Ventures, Florida Funders, and Aliya Capital Partners, who have significantly increased their investments beyond their pro rata.
“Joey, Jake, and the incredible Betr team are truly creating something remarkable,” said Jeff Ransdell, founding partner and managing director of Fuel Venture Capital.
“They are addressing a genuine need in the sports media and betting world, catering directly to the end consumer.
“The overwhelming demand from investors wanting to join this journey is a testament to the validity and promise of what they’re building,” he added.
Initially, Betr offered a microbetting-only product, which allowed users to place bets on individual plays and micro events in sports.
However, the company has recently expanded its product offering to include additional betting markets and full sportsbook capabilities.
Betr Gaming is currently licensed and operational in Ohio and Massachusetts, with plans to launch in Virginia soon.The company also holds market access in Indiana and other jurisdictions that will be announced in the near future.
Two new verticals
Betr is set to unveil two additional real-money gaming verticals in addition to sports betting over the coming weeks and months, one of which is likely to be iCasino.
The company recently acquired the Chameleon platform from FansUnite, which will enable the launch of Betr Betting V1, the company’s online sports betting product with full sportsbook capabilities.
The Chameleon platform will also support the two additional real-money gaming verticals that Betr plans to launch. The acquired software includes a PAM and online casino management services.
Meanwhile, Betr’s media division, Betr Media, surpassed 1.3bn impressions on social media in its first 10 months.
The division focuses on creating original and short-form content and targets the 21- to 34-year-old male demographic.
“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 Betr founder and CEO Joey Levy.
“Our ability to rapidly scale Betr Media’s audience, and then convert this audience to Betr Gaming at low-to-no customer acquisition costs (CAC), will enable us to have the best unit economics in the regulated real-money gaming industry, positioning Betr to create more value than incumbent operators over time,” he said.
Levy also highlighted the three pillars of Betr’s business: firstly, low-to-no CAC supported by social media expertise; secondly, strong user engagement and retention driven by brand affinity and a unique product, and lastly, a focus on responsible gaming.
Betr Gaming has banned credit cards as a deposit method for all users, while imposing monthly deposit limits for young consumers aged 21-25 years old.