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Silvia Pavlof June 28, 2023 3 min read
Betr Secures $35M Funding to Drive Media and Sportsbook Growth
The funding round was co-led by IA Sports Ventures, Eberg Capital, and Fuel Venture Capital, with participation from co-founders Joey Levy and Jake Paul, among others
Sports betting and media startup Betr has successfully raised $35 million in Series A2 funding, valuing the company at $300 million.
Betr’s Latest Funding Boosts Development of Betr Media and Sportsbook Expansion
The latest funding will support Betr’s two primary goals. First, the company plans to further develop Betr Media, leveraging its success in engaging sports fans to drive users to the gambling product. Over 20% of Betr Media’s estimated audience in Ohio has converted to real money customers for Betr Gaming.
Additionally, Betr intends to enhance its sportsbook offerings by adding more traditional wagers, such as pre-game moneyline bets and same-game parlays. The company wants to provide a comprehensive betting experience to keep users on its platform for all their betting needs.
Betr’s online sports betting product is already operational in Ohio and Massachusetts, with plans to launch in Virginia soon. The company also has market access in Indiana and intends to expand to other states in the near future.
Betr’s media division, Betr Media, has positioned itself as the “fastest growing sports media brand in the United States.” With a focus on original and short-form content, Betr aims to engage the next generation of sports bettors. The company has gained significant traction, accumulating 1.3 billion social media impressions in its first 10 months of operation.
To bolster its online sports betting product, Betr recently acquired the Chameleon platform from FansUnite, enabling the launch of Version 1 of its complete sportsbook capabilities. The platform will also support the introduction of two additional real-money gaming verticals in the coming months.
Betr Implements Unique Strategy to Capture Market Share in Real Money Gaming
Joey Levy, founder and CEO of Betr, commented on the funding round: “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. Our ability to rapidly scale Betr Media’s audience, and then convert this audience to Betr Gaming at low-to-no-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.”
Funding round co-leader Roger Ehrenberg from IA Sports Ventures and Eberg Capital stated that Betr was poised to alter the dynamics of the OSB landscape by giving prominence to entertainment through compelling content, an enhanced user experience, and deeper engagement in both major and alternative sports.
Betr’s strategy of using a media division to attract customers to its gambling platform is not unique, as other companies like Barstool Sports and DraftKings have adopted similar approaches. However, Betr believes it can offer a superior content experience, coupled with an expanding product lineup and a focus on user experience, to succeed in the competitive industry.