Miami-based fantasy and sportsbook startup Betr has raised $15 million in a funding round co-led by investment firms Harmony Partners and 10x Capital, valuing the company at $375 million.
The company, co-founded by Joey Levy and social media celebrity and professional boxer Jake Paul, started with micro bets before delving into fantasy sports. Betr plans to expand its sportsbook product and venture into online casino gaming to solidify its position in the U.S. gambling industry.
“We ultimately plan on being a nationwide sportsbook brand,” Levy said. “We want to build profitable businesses in each state before adding incremental license fees, market access fees and overall expenses.”
The investment round also included Miami investors Fuel Venture Capital, Florida Funders, Aliya Capital Partners and Eberg Capital, a New York investor led by Roger Ehrenberg.
“Joey and his team have continued to execute on the larger vision of becoming one of the go-to players in sports betting, and over the past 12 months, they have shown that they can continue to hit milestones and execute against their plan effectively,” Florida Funders partner Saxon Baum said. “2024 will be a pivotal year for Betr.”
“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,” said David Weisburd, 10x Capital’s co-founder and head of venture capital. 10x has been a prominent investor in sports betting company DraftKings since 2018 and has invested in 23andMe, Palantir, Robinhood and Udemy.
“I’ve been in this business for 31 years and I’ve never seen a company that has a ‘BETR’ product market fit. It is one of the fastest-growing companies in our portfolio of 33 companies. We are extremely excited to be on this journey,” said Fuel’s founder and managing director, Jeff Ransdell.
Betr’s sportsbook is active in Pennsylvania, Ohio, Virginia, Colorado, Indiana and Kentucky, and its real-money fantasy product, Betr Picks, is available in 24 states. Betr plans to launch its online casino product in its first state by the end of the year.
Betr has secured $100 million in funding since its launch in 2022, including its latest round of funding. Most recently, Fuel Venture Capital co-led a $35 million Series A2 funding round for Betr.
