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.”
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.”