Controversial media star Jake Paul stepped into the world of sports betting in 2022 by launching Betr. Now, he Is planning a significant expansion to secure more of the lucrative US market, and a new $15m financing round will help him do it.
The $15m adds to the $50m that Jake Paul initially raised to start his new betting venture two years ago. This time, the cash comes from Harmony Partners and 10X Capital, two venture capital firms. They will join Fuel Venture Capital Partners, Aliya Capital Partners, and Eberg Capital as investors.
We want to build profitable businesses in each state”
It’s a cash influx that will now see Betr valued at $375m, according to Bloomberg. Betr CEO Joey Levy thinks this will allow Betr to reach its goal of becoming “a nationwide sportsbook brand.” Explaining company plans, he said: “We want to build profitable businesses in each state before adding incremental license fees, market access fees and overall expenses.”
A beta version of the Betr sportsbook is currently live in Ohio, Virginia, and Massachusetts. The company has access to a number of other markets, however, including Colorado, Kentucky, and Pennsylvania. Betr hopes to launch the full version of its product in these states before the NFL starts again in September.
Levy explained that he thinks expansion will be “a very long game,” but expressed confidence the industry will “be in the tens of billions of dollars in revenue by the end of the decade.”