Betr Holdings Inc. (Betr), the Miami-based sports gaming and sports media company, announced new market access deals for online sportsbook and casino in Pennsylvania and for online sportsbook in Colorado and Kentucky.
The company has already secured market access in Indiana, has applied for a sports wagering license in Maryland, and is currently live in Ohio, Virginia, and Massachusetts with its beta product. Betr remains on track to launch V1 of its Sportsbook ahead of the 2024 NFL season. The announcement comes on the heels of a highly successful 2023 for Betr, where the company launched its real money fantasy sports product, Betr Picks, ahead of the 2023 NFL season. Betr quickly achieved significant scale via Betr Picks – both with respect to paying users and revenue – and has been able to do so efficiently and profitably as the company has quickly become a leader in real money Fantasy Sports.
Betr’s market access partnership is with the Cordish Gaming Group, the gaming division of The Cordish Companies, which owns and operates casino resorts in Pennsylvania, Maryland, and Louisiana. Pennsylvania will also be the first state where Betr will launch Betr Casino (pending regulatory approval), its regulated iGaming vertical.
“We are very excited to partner with Betr on the launch of their first online casino. Betr Casino will make a winning addition to the gaming options available to Pennsylvania players, which includes two of our own successful Live! Casino properties,” Rob Norton, President of Cordish Gaming Group, said.
In Colorado, Betr has secured online sportsbook market access with Boulter Developments, pending licensing approval from the Colorado Division of Gaming. Boulter Developments has also taken an equity interest in Betr.
“Boulter Developments is excited to be partnering with Betr in the wonderful state of Colorado, pending licensing approval from the Colorado Division of Gaming. Their innovative approach to the gaming space, along with their intuitive product and rapidly growing media arm, make this a no brainer partnership for us. Further, we are thrilled to be equity partners as we firmly believe Betr is the future of sports gaming in America as they continue to make sports and betting, betr,” said Steve Boulter of Boulter Developments.
In Kentucky, Betr has secured online sportsbook market access with the Eastern Band of Cherokee Indians, who have increased their existing equity stake in Betr previously acquired through an online sportsbook market access partnership covering an upcoming launch in Indiana (pending regulatory approval).
“On behalf of our JV equity stake in Revolutionary Racing Kentucky, DBA, Sandy’s Racing & Gaming, we couldn’t be more excited to expand our KY sports betting market access strategy with Betr,” Scott Barber, CEO of EBCI Holdings, said.
“Betr’s innovative suite of products and user-friendly app are truly cutting-edge technology, coupled with their unique approach to marketing and broadcasting sports related content, creating a differentiated product offering within a rapidly growing market. We are confident our expanded relationship with Betr (Indiana market access agreement) will be a perfect fit in the great sports state of Kentucky,” Scott Barber added.
Throughout 2024, Betr plans on pursuing a phased set of launches of its new V1 Sportsbook product in all jurisdictions it has acquired market access in to date. The company has also elected to not renew its temporary sports wagering license in Massachusetts, trading a 7 million population state for over 23 million in the net new states for collectively less economics than it would have required to renew in MA alone. By the end of 2024, Betr plans on being live in Pennsylvania, Ohio, Virginia, Indiana, Maryland, Colorado, Kentucky with its V1 Sportsbook and to be live with its Casino product in Pennsylvania, in addition to the 20+ jurisdictions it currently operates Betr Picks.
“We are thrilled to announce our new market access partnerships for Sportsbook and the introduction of Betr Casino in 2024 ahead of our V1 Sportsbook launch. Through the success of Betr Picks, we have validated that our playbook of simpler and more intuitive user experiences built for casual fans on the product front, and original short form video built for the next generation of sports fans on social media on the distribution front, are winning strategies for rapidly and efficiently scaling a new real money gaming business in the US. The data we are seeing not only suggests that we are building a large and highly profitable real money gaming and media business, but that we are doing so by bringing new users into the category. We plan on replicating this playbook for Betr Sportsbook and Betr Casino after releasing V1 of our Sportsbook later this year. 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,” Joey Levy, Founder and CEO of Betr, said.
“The new states we have acquired market access in will offer Betr Sportsbook the opportunity to reach over 17% of the U.S. adult population by the end of this year, while Betr Picks will continue to be available to over 50% of the U.S. adult population. Finally, we want to thank the MGC for their great partnership during our temporary license period in Massachusetts and we hope to receive the honor and privilege of reentering this market at a later date,” Joey Levy added.
Betr Officially Launches Real Money Sportsbook in Virginia
Betr Holdings Inc. (Betr) announced it has officially launched its real money sportsbook product in Virginia, its third real money online sports betting (OSB) state following Ohio and Massachusetts.
The Betr Fantasy & Sportsbook app is available on the iOS store and the Betr – Microbetting app is available on the Google Play store. Virginia will be the final Betr Sportsbook launch utilizing Betr’s V0 product, ahead of Betr’s V1 Sportsbook launch in additional and existing states in 2024.
Betr’s OSB launch in Virginia follows Betr’s recent acquisition of the Chameleon platform from FansUnite, which enabled Betr to enhance and accelerate its product roadmap. The Chameleon acquisition allows the company to develop its upcoming V1 OSB product, which will feature full sportsbook capabilities including pre-match and in-play core markets, parlays, same game parlays, futures, props, and other bet types, along with over 20 additional sports. The company’s current OSB product, which it refers to internally as V0, is a beta product that will continue to operate in Ohio, Massachusetts, and now Virginia until V1 launches in H1 2024.
Betr, founded by sports betting veteran Joey Levy and Jake Paul, began as the world’s first microbetting focused app, initially featuring a user experience focused on enabling users to predict the play-by-play outcomes of every sporting event including every play and drive of all NFL and College Football games, and every pitch and at-bat of all MLB games. Earlier this year, the company announced an expansion beyond microbetting with the launch of core markets, allowing for pre-match and in-play betting for team to win, team to win and by how much, and over/under on total points. Betr’s core markets will also be available for Virginia residents upon launch. As part of the Virginia launch, Betr will also include its market-tested Scripts product, which combines the instant gratification of a microbet with the long odds of a parlay. This product is a first-of-its-kind experience and effectively introduces instant gratification to parlays, which may make Scripts one of the primary ways fans bet on sports over time. Betr’s app also features a reimagined user interface layer, depicting the betting markets as more intuitive multiple-choice questions, while odds are displayed in easy-to-understand payout multiples to simplify users’ sports betting experience.
“We are thrilled to continue expanding our online sports betting business by launching in Virginia just in time for the NFL season. Virginia will be the final state where we launch V0 of the Betr Sportsbook, before rolling out our V1 Sportsbook product in existing and new states next year. The state has a dynamic fan base across both collegiate and professional sports and we are excited to introduce our differentiated product experience to this market while continuing to bring our leadership in responsible gaming to Virginia, just as we have done in other jurisdictions. This now marks the 27th jurisdiction Betr is live for real money between having recently launched Betr Picks in 24 jurisdictions and being live with V0 of Betr Sportsbook in Ohio, Massachusetts, and now Virginia,” Joey Levy, Founder and CEO of Betr, said.
Residents of 24 jurisdictions outside Betr Sportsbook’s current OSB states of Virginia, Ohio, and Massachusetts can still play at Betr through the company’s newly launched differentiated fantasy experience, Betr Picks, which features the ability to pick up to 8 players, higher payout multiples (up to 100x), and no pushes. Betr’s signature focus on simple and intuitive product design, along with its bespoke integrations with Betr Media, distinguishes the Betr Picks experience from the broader fantasy sports gaming market and allows Betr to engage users from its nationwide Betr Media audience for the first time.
Betr Picks, which launched on July 31, has already garnered viral engagement alongside the company’s Jake Paul vs. Nate Diaz fight sponsorship and special Paul vs. Diaz minigame in the app. In its first week of launch, fans boosted the Betr Fantasy & Sportsbook app to #3 of all sports apps on the App Store.
Betr Raises $35M in Series A2 at $300M Pre-money Valuation
Betr Holdings Inc. announced its $35M Series A2 round of financing valuing the company at $300M pre-money. The Company held a set of initial closings for its Series A2 round of financing in Q2 and is scheduled to conduct a final closing in Q3. The round is co-led by Roger Ehrenberg via IA Sports Ventures and Eberg Capital, and Fuel Venture Capital, with Fuel expanding their investment size in Betr from $10M invested to date to $20M total. Both co-founders – Joey Levy via a personal investment and Jake Paul via Anti Fund – participated in the round, and other major existing investors including FinSight Ventures, Florida Funders, and Aliya Capital Partners have invested significantly beyond their pro rata.
Betr’s gaming division, Betr Gaming, is an online sports betting (OSB) business focused on a unique product experience with a simplified UI/UX that is catered to the casual sports fan, enabling Betr to capture more of the underpenetrated online gaming addressable market. Betr Gaming began with a microbetting-only product, allowing users to bet on individual plays and events – such as pass or rush on the next play in football or the outcome of the next pitch in baseball, and is expanding its product offering to include additional markets with full sportsbook capabilities. Betr Gaming is licensed and operational in Ohio and Massachusetts, is licensed in Virginia with plans to launch soon, and holds market access in Indiana and other jurisdictions that will be announced soon. In addition to OSB, Betr Gaming will be unveiling two additional real money gaming verticals, which will be announced over the coming weeks and months, signifying the Company’s commitment to diversification and innovation within the gaming industry. Betr Gaming has also established itself as the leader in responsible gaming across the real money gaming industry by being the first and only operator to proactively ban credit cards as a method of depositing for all users, while imposing monthly deposit limits for young consumers aged 21-25 years old.
Betr recently acquired the Chameleon platform from FansUnite, which will enable Betr Gaming to launch V1 of its OSB product, Betr Betting, with full sportsbook capabilities which will include pre-match and in-play core markets, parlays, same game parlays, futures, props, and other bet types, along with 20+ additional sports. In addition to bolstering Betr Betting, the Chameleon platform will also support the two additional real money gaming verticals the Company plans to announce.
Betr’s media division, Betr Media, is the fastest growing sports betting media brand in the US, already surpassing 1.3B impressions on social media in its first 10 months. Betr Media is focused predominantly on original and short-form content, which the Company believes will be the primary form of sports media consumption for the 21-34-year-old male demographic outside of consuming live sporting events themselves. Betr Media’s unique approach of creating culture as opposed to reposting culture is also informing unprecedented media-audience-to-product conversion, with over 20% of Betr Media’s estimated Ohio audience already converting to real money gaming customers for Betr Gaming. In just its first year, Betr Media was awarded Best Sports Betting Content in the sports media industry at the 2023 Hashtag Sports Awards and was also nominated for two other awards, including Best Original Content for the Company’s flagship franchise BS w/ Jake Paul and Best Use of Gamification for the Company’s Betr Ticket contest.
Betr Media is driving low-to-no-CAC for Betr Gaming, positioning the Company to have the best unit economics in the OSB and iGaming markets, which is projected to reach over $40B in the US and $150B globally by 2030. The Company has laid the foundations for a powerful flywheel – where it can capitalize its business and monetize users directly via Betr Gaming products, invest this capital in content creators via Betr Media to further drive brand awareness and brand affinity, and then funnel this incremental audience growth and engagement to Betr Gaming products.
Joey Levy, Founder and CEO of Betr, said: “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 while validating some of our core theses. 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. The three pillars of our business are 1) low-to-no-CAC supported by unique social media expertise, 2) strong user engagement and retention supported by brand affinity and a differentiated product, and 3) a focus on responsible gaming supported by a team that believes in doing the right thing. We have seen material validation of pillar one, we have demonstrated leadership and still have more planned with respect to pillar three, and we will be better positioned to validate pillar two after launching our two other real money gaming verticals and V1 of Betr Betting on top of the recently acquired Chameleon platform.
“Finally, I am thrilled this round has served as a platform to deepen the Company’s relationship with Roger Ehrenberg, one of the most successful venture investors of the past two decades who is investing over 10x his pro rata in this round, and Fuel Venture Capital, one of the preeminent Miami-based venture capital firms, who is doubling their investment in the company from $10M invested to date to $20M total after this round. I am grateful for the continued support of Roger, Fuel Venture Capital, and many of our other great investors.”
Roger Ehrenberg said: “Betr is poised to change the dynamics of the OSB landscape by moving ‘entertainment’ front and center through compelling content, a superior user experience and deeper engagement across both major and alternative sports. Sports have a special ability to bring people together, and no company is better positioned to accelerate and benefit from this trend than Betr.”
Jeff Ransdell, Founding Partner & Managing Director of Fuel Venture Capital, said: “Joey, Jake, and the incredible Betr team are truly creating something remarkable. They are addressing a genuine need in the sports media and betting world, catering directly to the end consumer. The overwhelming demand from investors wanting to join this journey is a testament to the validity and promise of what they’re building.”
Betr Acquires Chameleon Platform from FansUnite
Betr Holdings Inc. has announced the acquisition of the Chameleon platform from FansUnite Entertainment.
Chameleon offers a full suite of gaming solutions, including Player Account Management (PAM), sports betting engine, and casino management. Chameleon has received Gaming Labs International (GLI) certification in multiple U.S. jurisdictions.
This acquisition allows Betr to vertically integrate PAM, sports betting engine, online casino technology, and other future potential Betr Gaming verticals into its direct-to-consumer platform. This accelerates Betr’s broader sports betting market coverage and iGaming capabilities, including the ability to launch a fully integrated sportsbook and casino, while saving on long-term product costs.
Joey Levy, Founder and CEO of Betr, said: “We are thrilled to acquire the Chameleon platform from FansUnite and to also welcome the engineering team that has been working on this platform for several years to the Betr family. This is a transformational transaction for Betr that enables Betr Gaming to fully control our ability to execute against our core strategy, while also capturing a material amount of gross margin for our business model.
“Our current product experience is very much a beta product, which we refer to internally as V0 of the Betr product experience. We released V0 to get live as soon as possible, which has enabled us to 1) build our user base and accrue revenue in the early stages of our business; 2) learn from user feedback and data to inform future iterations to the product experience; and 3) demonstrate to the marketplace the core tenets of our vision: 1) A simple, intuitive, and entertaining UI/UX, 2) instant gratification-focused betting, and 3) a challenge to the industry’s incorrect assumption that sportsbook is a commoditized product by releasing something fundamentally different than our competitors. With the Chameleon platform and team, we can now immediately begin work on developing V1 of the Betr product experience, which we expect to launch during H1 2024.
“Finally, we are thrilled to have been able to execute this acquisition in a cost-effective manner consistent with how we have rolled out Betr Gaming and Betr Media from both market access and talent acquisition standpoints to date — by entering into strategic transactions that feature an equity component to align incentives with our partners who believe in Betr while helping Betr preserve cash.”
Scott Burton, CEO of FansUnite, said: “With this transaction, we have again proven both our commitment and our ability to put FansUnite on the path to profitability. Additionally, we are pleased to continue to benefit from the tremendous potential we see in Betr through our equity stake in the company.”
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