Betr Valued at $375 Million After Two Years of Operation

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Jake Paul and Joey Levy-owned sports betting company Betr is now valued at $375 million, just two years after it was launched. The company got a boost through a $15 million investment from Harmony Partners, 10x Capital, and Paul, which has pumped the company to unprecedented heights.

In a press statement, Levy, who is also serving as the Chief Executive Officer of Betr, said this development shows the team’s outstanding performance and indicates the potential of the business getting bigger.

“Jake and I co-founded Betr just over two years ago, so raising capital from leading growth stage investors at a $375 million valuation in the very early days of our business is a testament to the performance of the team and business to date and the potential we have to build a category-defining business with Betr.”

David Weisburd, 10x Capital’s co-founder and head of venture capital, added that obtaining financial backing from 10x Capital marks a significant milestone because the investment firm has a strong track record of supporting companies like DraftKings.

“We believe that Betr has the product, management, and market opportunity that we saw in DraftKings in its early days, with a significantly larger TAM and room for growth today.”

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Betr Expands its Footprint in the US Domain

Founded in 2022, the company, which is headquartered in Miami, has managed to expand to multiple regions in the US. Currently, Betr Picks, an online platform for daily fantasy sports enthusiasts, is operational across a broad spectrum, spanning 24 states within the United States.

Meanwhile, Betr has been granted a provisional operating permit in Indiana, paving the way for the launch of its new sportsbook in the state.

According to Levy, this regulatory approval marks a significant milestone for Betr as it prepares to introduce its cutting-edge sports betting platform to Indiana’s eager market.

“I want to thank the Indiana Gaming Commission for the honor and privilege of a sports wagering license in the Hoosier State. We are excited to launch our new V1 Sportsbook product in Indiana over the coming months while bringing our best-in-class responsible gaming standards to the state.”

The other regions where Betr’s microbetting app is in existence include Colorado, Ohio, Virginia, and Kentucky. While it partnered with Boulter Developments to gain approval in the Centennial State, it collaborated with the Eastern Band of Cherokee Indians in Kentucky.

Despite taking space in various markets, it is important to note that Betr also exited Massachusetts last month. The reason is that it is not renewing its license temporarily, although it noted there is a desire to regain the opportunity to participate in this market in the future.

In the coming year, the company plans to introduce a conventional sportsbook alongside its existing microbetting services. Additionally, they are gearing up for the launch of an online casino, slated to make its debut in 2024.

“By the end of 2024, we should see a further step change in our scale, while also having successfully laid the foundations of at least four distinct business units: Betr Fantasy, Betr Sportsbook, Betr Casino, and Betr Media,” Levy said in January when announcing the launch of their V1 Sportsbook.

About the Author
Tebearau Egbe

Tebearau Egbe

Tebearau Egbe is a seasoned gambling writer with over four years of experience. Armed with a Masters degree in philosophy, Egbe possesses a unique ability to dissect complex industry developments, distilling them into insightful narratives that captivate readers.

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