Betr announced it had closed $15 million in strategic equity financing from a premier group of investors at a $375 million valuation. This brought the total funding to date to $100 million.
The funding round was co-led by Harmony Partners and 10x Capital, with participation from the company’s three largest existing investors, Fuel Venture Capital, Aliya Capital Partners, Roger Ehrenberg/Eberg Capital, and others. This funding round follows a highly successful year for Betr, during which the company reached a significant level of scale with respect to paying users and revenue in an efficient and profitable way.
Betr also recently announced market access expansion plans for its Online Sportsbook product, securing market access in Pennsylvania, Ohio, Virginia, Indiana, Colorado, and Kentucky, and the upcoming launch of its Casino product (pending regulatory approval), with the company also securing iGaming market access in Pennsylvania. And Betr has also officially received its temporary Indiana sports wagering license from the Indiana Gaming Commission recently.
Betr also recently announced it fortified its senior leadership team, hiring Dan Maas as Head of Media Revenue, Partnerships, and Strategy and Andrew Winchell as Head of Government Affairs. And Maas joins Betr from Wave Sports & Entertainment, where he worked his way up from VP of Partnerships to EVP of Commercial and oversaw the development and monetization of highly successful premium franchises, including New Heights with Travis and Jason Kelce and Podcast P with Paul George, along with leading the monetization of their successful original short-form video-focused social media content strategy – which are highly synergistic to the core pillars of Betr Media.
Maas will lead monetization efforts for Betr Media, positioning Betr’s media arm to become a large revenue-generating business along with the primary benefit Betr Media serves – which is to create unfair customer acquisition economics for Betr Gaming. Winchell joins Betr from FanDuel, where he served as their Directory of Regulatory Affairs. Winchell brings substantial experience working closely with state regulators and political leaders on key issues about sports gaming and will strengthen Betr’s internal government and regulatory affairs capabilities as the company scales in size and launches in new jurisdictions.
KEY QUOTES:
“We are thrilled to announce our strategic equity financing, new members of our senior leadership team, and the approval of our temporary Indiana sports wagering license. Jake (Paul) and I co-founded Betr just over two years ago, so raising capital from leading growth stage investors at a $375 million valuation in the very early days of our business is a testament to the performance of the team and business to date, and the potential we have to build a category defining business with Betr. Finally, I want to thank the Indiana Gaming Commission for the honor and privilege of a sports wagering license in the Hoosier state. We are excited to launch our new V1 Sportsbook product in Indiana over the coming months, while bringing our best-in-class responsible gaming standards to the state.”
- Joey Levy, Founder and CEO of 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.”
- David Weisburd, Co-Founder and Head of Venture Capital at 10x Capital
