Betr Raises $15M to Drive Expansion in Sports Gaming and Media

Betr Holdings, Inc., a prominent player in the sports gaming and media industry, has recently secured $15 million in strategic equity financing, marking a significant milestone in its journey to accelerate growth across various divisions. 

Betr Holdings Raises $100M in total, Valued at $375M

This financing, obtained from a premier group of investors, brings Betr’s total funding to date to an impressive $100 million, with a valuation now standing at $375 million.

The funding round, co-led by Harmony Partners and 10x Capital, saw participation from Betr’s major existing investors, including Fuel Venture Capital, Aliya Capital Partners, and Roger Ehrenberg/Eberg Capital, among others. This achievement follows a highly successful year for Betr in 2023, during which the company witnessed substantial growth in paying users and revenue, all achieved efficiently and profitably.

In addition to the financing, Betr, which was established through a partnership between online gambling entrepreneur Joey Levy and famed social media personality and boxer Jake Paul, has announced significant expansions and key appointments within its team. 

The company has outlined plans to expand its market access for its Online Sportsbook product, securing entry into several states, including Pennsylvania, Ohio, Virginia, Indiana, Colorado, and Kentucky. Moreover, Betr is gearing up for the launch of its Casino product, pending regulatory approval, with market access secured in Pennsylvania and Indiana for iGaming.

Betr Strengthens Leadership Team with Industry Experts

Alongside these expansions, Betr has bolstered its senior leadership team with the appointment of Dan Maas as head of media revenue, partnerships, and strategy, and Andrew Winchell as head of government affairs. 

Maas brings extensive experience from Wave Sports & Entertainment, where he spearheaded successful partnerships and monetization strategies. Winchell, formerly of FanDuel, brings a wealth of regulatory affairs expertise, which will be crucial as Betr navigates regulatory landscapes across various jurisdictions.

Joey Levy, founder and CEO of Betr, expressed excitement about the recent developments, emphasizing the company’s potential to redefine the industry. Levy acknowledged the support of investors and regulatory authorities, particularly thanking the Indiana Gaming Commission for granting Betr a temporary sports wagering license in the state.

Harmony Partners and 10x Capital, the lead investors in this financing round, have expressed confidence in Betr’s prospects, drawing parallels with the early days of industry giants like DraftKings. David Weisburd, co-founder and head of venture capital at 10x Capital, highlighted Betr’s product, management, and market opportunities as key drivers for investment.