Women-focused icasino operator Betty raises $5M to fuel growth

January 25, 2024 8:05 PM
Photo: Betty
  • Mark Keast, CDC Gaming Reports
January 25, 2024 8:05 PM
  • Mark Keast, CDC Gaming Reports
  • Ontario

Betty, the female-focused online casino licensed in Ontario, announced yesterday that it raised $5 million to further expand user acquisition.

The financing is led by CEAS Investments, an early-stage venture fund run by a single-family office in Delray Beach, Florida Also participating in the round are Powerhouse Capital, HappyHour, and Courtside Ventures. Betty previously raised $7 million.

“Betty has successfully implemented best practices from the most successful mobile gaming franchises into the icasino market. We’ve seen firsthand how these strategies can supercharge user growth and revenues,” said Salim Mitha, managing partner at Powerhouse Capital and former EVP at Playtika.

Betty is unique on the Ontario regulated igaming landscape, harnessing the female gaming audience and focusing on slots casino. A statement from the company said they’ve been able to retain female players at a rate three times higher than their male counterparts.

Since launching in Ontario in February 2023, Betty’s eight-figure net-revenue run rate has grown 30 percent month over month.

The capital raised will also be used to improve live-operation capabilities and upgrade Betty’s proprietary platform from Midnight 1 to Midnight 2.

“Betty has a clear vision and plan to differentiate themselves in the market by prioritizing female online-slot players and building an in-house platform,” said Robin Reed, managing partner at HappyHour, in a statement. “It’s a privilege to support their growth, both in terms of capital and product expertise.”

Betty is based in New York, with offices in Sofia, Bulgaria, and Toronto.