Betr Raises $35 Million for Expansion and Two New Gaming Verticals

• Betr announced it raised $35 million in Series A2 Funding
• Funding will be used for two new real money gaming verticals
• Betr is licensed and operational in Ohio and Massachusetts

Betr Holdings announced today $35 million in a Series A2 round of financing, valuing the company at $300 million pre-money. The funding will be used for the company’s expansion and two new real-money gaming verticals in the near future.

The company noted that financing round was led by Roger Ehrenberg via IA Sports Ventures and Eberg Capital, and Fuel Venture Capital. Fuel expanded its investment in Betr from $10 million to $20 million total.

Both Betr co-founders, Joey Levy and Jake Paul, also participated in the financing round.

Live in Ohio, Massachusetts, and Soon to Be Other States

The $35 million in funding will help with Betr’s expansion into new markets and the eventual unveiling of two new real-money gaming verticals. Details on the gaming verticals will be announced soon, according to the company, but could include plans for a full iGaming vertical.

“I am thrilled to announce our Series A2 round of financing, which we opportunistically raised after successfully laying the foundations for Betr Gaming and Betr Media while validating some of our core theses,” said Joey Levy, Founder and CEO of Betr, in a press release. “Our ability to rapidly scale Betr Media’s audience, and then convert this audience to Betr Gaming at low-to-no-CAC, will enable us to have the best unit economics in the regulated real money gaming industry, positioning Betr to create more value than incumbent operators over time.”

Betr is currently live in Ohio and Massachusetts. It’s licensed in Virginia and will likely announce other market access agreements soon.

Betr recently acquired the Chameleon platform from FansUnite. The acquisition will enable the operator to launch V1 of Betr Betting, a full online sportsbook with pre-match and in-play core markets, parlays, same game parlays, futures, props, and other sports betting capabilities.

Betr’s media division, Betr Media, has surpassed 1.3 billion impressions on social media during its first 10 months, according to the company.

Successful Round of Funding

Levy noted that the round of funding has deepened the company’s connection with Ehrenberg.

“Finally, I am thrilled this round has served as a platform to deepen the Company’s relationship with Roger Ehrenberg, one of the most successful venture investors of the past two decades who is investing over 10x his pro rata in this round, and Fuel Venture Capital, one of the preeminent Miami-based venture capital firms, who is doubling their investment in the company from $10M invested to date to $20M total after this round. I am grateful for the continued support of Roger, Fuel Venture Capital, and many of our other great investors.”