Tuesday October 3, 2023

Jake Paul Raises $50M for Sports Micro-Betting Startup

  • Jake Paul's sports betting startup has raised $50 million.
  • The venture will focus on micro-betting and includes a media wing.
Kim Klement-USA TODAY Sports
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October 3, 2023 | Podcast
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Jake Paul is leveraging his notoriety to break into sports betting.

The influencer and boxer helped raise a $50 million Series A funding round for his new sports betting and media company, Betr. The company will target young sports fans with a focus on micro-betting — bets placed on an isolated event within a game or match.

“Micro-betting is the TikTok-ification of sports betting, and I am excited to bring it to the masses through Betr,” said Paul.

  • The funding round is being led by Florida Funders, Aliya Capital Partners, and Fuel Venture Capital.
  • The round also received investment from retired NFL stars Richard Sherman and Dez Bryant, co-owners of the San Francisco 49ers, Boston Celtics, and Miami Marlins, Simplebet, Magic City Casino, and Stronach Group.  
  • Betr’s CEO Joey Levy, co-founder of Simplebet, will helm the betting side, while Paul will run the company’s media division. 
  • Last year, Paul’s Anti Fund and former UFC executive Nakisa Bidarian led a $30 million round in Simplebet, which also focuses on micro-betting. 

Paul, 25, said he’s been paid millions to promote sportsbooks.

“They need the influencers,” he said. “Now it’s our turn to take over from the dinosaurs.”

Big-Money Boxing

Paul earned $45 million over 12 months for his 2021 boxing matches and other ventures, per Forbes.

He told Front Office Sports that he actually earned “about $10 million more than that,” adding, “a lot of times I get paid for sponsorships in Ethereum, so it fluctuates.”

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