Betr Adds $15 Million In Strategic Equity Financing to Fuel Growth
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Betr Holdings Inc. has announced a major round of funding, which the company said will further the expansion of its iGaming business in the U.S.
The funding - $15 million – brings its total funding to date to $100 million. This 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 and Roger Ehrenberg/Eberg Capital.
Betr said in a statement the funding will be spread across its Fantasy, Sportsbook, Casino and Media divisions, to drive growth there, across the U.S.
Aggressive 2023 Market Expansion
Betr had a successful 2023, announcing they secured market access for their sportsbook in Pennsylvania, Ohio, Virginia, Indiana, Colorado, and Kentucky, as well as the upcoming launch of its online casino product (pending regulatory approval).
The company finalized iGaming market access in Pennsylvania, as well as officially receiving its temporary Indiana sports wagering license from the Indiana Gaming Commission in the last few weeks.
Senior Leadership Changes
Betr announced they have hired Dan Maas as Head of Media Revenue, Partnerships and Strategy, where he will lead content monetization efforts for Betr Media.
Maas was previously at Wave Sports & Entertainment where he developed some successful content franchises - New Heights with Travis and Jason Kelce and Podcast P with Paul George, for example.
“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,” said Joey Levy, Founder and CEO of Betr. “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.”
Said David Weisburd, Co-Founder and Head of Venture Capital at 10x Capital: “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.”
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