Simplebet co-founder Joey Levy and social media personality Jake Paul have launched Betr, a new micro-betting company, with $50m in funding.
Levy will act as the company’s CEO while Paul takes the role of president. They are both named as co-founders.
Betr will allow customers to bet on smaller aspects of a game – including pitches and at-bats during baseball games, and plays and drives during football games. A Betr app is to be released in the coming weeks, which will be free-to-play initially, as the operator does not yet have any licenses.
Betr will use Simplebet’s technology in its operations.
The launch comes after Betr raised $50m across two funding rounds, receiving funds from sports betting and media personalities, including owners of the Boston Celtics San Francisco 49ers, as well as NFL stars Richard Sherman and Ezekiel Elliott and musician Travis Scott.
Several venture capital firms – such as Tampa Bay Ventures and Riverside Ventures – also contributed to the funding.
The series A funding round raised $30m. An additional $20m was raised after the series A funding round became oversubscribed.
“Betr will unbundle micro-betting by building an entire company around it and delivering the experience in a simple, intuitive UI layer,” said Levy. “We believe micro-betting will ultimately emerge as the predominant way consumers bet on US sports, given the stop-and-start cadence of US sports lending itself perfectly to this style of wagering, and 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.”
Alongside the launch of Betr, Levy and Paul have announced a number of media products related to the platform, which includes a series of shows hosted by Paul.
“I wasn’t into sports betting until I was introduced to micro-betting,” said Paul. “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.”