Jake Paul Raises $50m for New Sports Betting Startup Betr

  • Several well-known celebrities headline a list of investors
  • Betr will focus on micro-betting, or smaller actions within a game
  • Co-founder Joey Levy helped develop tech used to bring micro-betting into American sports
  • Betr has already enlisted help from established industry professionals
Jake Paul
Jake Paul has already received $50m in funding for Betr, a sports betting company he co-founded. [Image: Shutterstock.com]

A thriving build-up

Internet sensation and boxer Jake Paul is diving into the world of gambling with his newest announcement: the creation of a micro-betting platform.

The 25-year-old Paul revealed Monday that he and industry expert Joey Levy have partnered to form Betr. Headquartered in Miami, it claims to be the first direct-to-consumer micro-focused sports betting outlet on the market.

Paul and Levy have already received $50m in funding with Travis Scott, Ezekiel Elliott, Richard Sherman, Dez Bryant and DeSean Jackson headlining a list of celebrity investors.

Focus on micro-betting

Part of Betr’s enterprise will center around the creation of a new talk show, “BS w/ Jake Paul,” hosted by the co-founder himself. He will be joined by his celebrity friends across the industry.

“I wasn’t into sports betting until I was introduced to micro-betting,” said Paul, listed as Betr’s president. “Micro-betting is the TikTok-ification of sports betting and I am excited to bring it to the masses through Betr.”

micro-betting offers a much more intimate experience than traditional wagering

The company’s focus will sit on small events within games, such as whether the next pitch will be a strike or if the next play will be a pass. Micro-betting offers a much more intimate experience than traditional wagering, which mostly centers on overall results.

Levy’s experience will pay dividends in this regard. He helped co-found Simplebet, which pioneered the technology used in micro-betting. 

Betr will use Simplebet’s technology in its app that will launch “in the coming weeks.” Users will be able to download the app for free in all 50 states, but can also expect a state-by-state reveal of real-money betting services later in the year.

Betr has already gained access to different states via “strategic equity-based partnerships that the company will be announcing in the near future.” 

Jake Paul, Betr’s new president 

Paul’s inexperience in the gambling realm is more than made up for with Betr’s team. The startup has already signed Alex Ursa, formerly of FanDuel, and Mike Denevi, formerly of Bleacher Report. 

Thirty-one investors, including the celebrities already named, have also pitched in $50m to help the company launch. The combination of money and name recognition will be pivotal in Betr’s short-term and long-term success.

Betr already received $30m in Series A funding headed by investment group Florida Funders earlier in the year.

Jake Paul rose to prominence early as a youth. His wildly popular and since discontinued Vine account helped him initially, and he would later appear on the Disney Channel. 

The American entertainer also has over 70m followers across his social media accounts, including 20.4m YouTube subscribers. He has, however, been maligned for his disruptive and controversial behavior, including FBI raids of his house and participation in looting an Arizona mall in 2020.
Most of the noise Paul has generated lately has been in the world of combat sports. He engaged in a $1m wager with promoter Eddie Hearn, called out UFC boss Dana White for treatment of his fighters, and was due to fight Hasim Rahman Jr. on August 6 before weight issues led to its cancellation.