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Jake Paul Announces ‘Betr’ for Next Generation of Sports Fans

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Sports betting entrepreneur Joey Levy and popular social media superstar Jake Paul have officially announced the launch of their micro-betting and media company ‘Betr‘, which secured a $50 million Series A.

According to the official press release, Betr is the First Direct-to-Consumer Micro-Betting Focused Sports Betting Company and a New Media Venture for the Next Generation of Sports Fans.

Continuing: “Betr is the first direct-to-consumer sports betting company to focus predominantly on micro-betting, a new form of betting that introduces instant gratification to the sports betting user experience by enabling the moments that drive U.S. sports consumption – such as pitches & at-bats of baseball games and plays & drives of football games – to become discrete betting opportunities. Levy is the co-founder of Simplebet, the B2B technology company that has pioneered micro-betting on U.S. sports by building the machine learning and automation infrastructure to enable this new form of betting to exist at scale. Betr will be leveraging Simplebet’s technology and is releasing its app in the coming weeks, initially as a free-to-play experience available in all 50 states, with a state-by-state rollout of its licensed real money betting experiences to follow later this year. Betr has secured market access in multiple U.S. states through strategic equity-based partnerships that the company will be announcing in the near future.”

“I co-founded Simplebet to simplify the sports betting user experience – to reconsider why sports betting products felt uninterpretable to the casual fan who had never bet on sports before,” said Joey Levy, Founder and CEO of Betr. “In doing so, we discovered that the technology required to enable a scalable micro-betting platform around the moments that drive U.S. sports did not yet exist, given the global market’s focus was on soccer, a fluid sport without a natural start and stop cadence. So we decided to build it ourselves at Simplebet; however, years later, the user experience remains unintuitive for a mass market consumer.

Betr will unbundle micro-betting by building an entire company around it and delivering the experience in a simple, intuitive UI layer. We believe micro-betting will ultimately emerge as the predominant way consumers bet on U.S. sports, given (1) the stop and start cadence of U.S. sports lending itself perfectly to this style of wagering, and (2) similarly to how daily fantasy sports innovated on top of season long fantasy, micro-betting introduces an order of magnitude greater level of instant gratification to the current sports betting user experience.

We have an opportunity to build the most capital efficient and culturally relevant gambling business in the U.S. – ultimately surpassing other sports betting companies whose primary focus remains on spending heavily on customer acquisition while offering commoditized legacy sportsbook product experiences – by introducing superior and differentiated product, while capturing billions of dollars-worth of free marketing via our media company, all while also directly monetizing our media company via sponsorship and licensing revenue.”

Paul also commented.

“I wasn’t into sports betting until I was introduced to micro-betting,” Paul added.

“Micro-betting is the TikTok-ification of sports betting and I am excited to bring it to the masses through Betr. We are in this for the long haul and are focused on doing things the right way. We are getting licensed state-by-state, adhering to each state’s regulatory framework while advocating for important consumer protections and responsible gambling. We want to be the category defining consumer company in both sports betting and sports media by the end of the decade and are confident we will achieve that goal.”

“We’re thrilled to be Betr’s technology partner, powering unique in-play betting experiences centered around micro-betting and transforming the way consumers engage and wager on sports,” said Simplebet CEO Chris Bevilacqua. “The combination of our best-in-class technology together with the reimagined user experience, reach, and influence of Betr’s distribution channels will be a powerful force in the market. This partnership features many of the best elements of the rapidly increasing convergence of sports, media, and technology and we are excited to be in the center of it.”

“Florida Funders saw a massive opportunity in a nascent market where the legacy players have not been strong from product, technology, and cultural relevance standpoints,” said Saxon Baum at Florida Funders. “In addition to the market opportunity, the ability to back Joey Levy for the third time – having invested early with Joey in Simplebet and in 305 Ventures – was something we could not pass up on. In addition to Jake Paul, Joey has surrounded himself with great people, including Alex Ursa and Mike Denevi. We could not be more excited about the future of Betr – and are thrilled to be on this journey as this team changes sports betting and sports media in the U.S.”

It will be interesting to see if they can recreate the success that TikTok has experienced, and use their members to leverage success, much as TikTok has with their TikTok content creators who have hit mainstream.

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