The round was co-led by Roger Ehrenberg, via IA Sports Ventures and Eberg Capital, and Fuel Venture Capital. Fuel doubled its investment size in Betr to date from $10.0m to $20.0m.
Existing investors including FinSight Ventures, Florida Funders and Aliya Capital Partners also took part and invested beyond their pro rata.
In addition, Betr co-founders – Simplebet founder Joey Levy and social media personality Jake Paul – participated in the financing round.
“I’m thrilled to announce our Series A2 round of financing,” Levy said. “We opportunistically raised this after successfully laying the foundations for Betr Gaming and Betr Media while validating some of our core theses.”
Gaming and media
Betr’s operations are split into two businesses – Betr Gaming and Betr Media. The former is an online sports betting business active in Ohio and Massachusetts, with a licence in Virginia.
In addition, the Betr Gaming arm will roll out two additional real-money gaming verticals in the coming weeks
Last month, Betr Gaming grew its offering with the acquisition of the Chameleon platform from FansUnite Entertainment for $7.4m. Chameleon offers gaming solutions including player account management (PAM), sports betting engine and casino management.
Betr will vertically integrate PAM, sports betting engine, online casino technology and future Betr Gaming verticals into its direct-to-consumer platform.
Meanwhile, the Betr Media business focuses on original and short-form content. During its first 10 months of operation, Betr Media surpassed 1.3 billion impressions on social media.
“Our ability to rapidly scale Betr Media’s audience, and then convert this audience to Betr Gaming at low-to-no-customer acquisition costs, will enable us to have the best unit economics in the regulated real money gaming industry,” Levy said.
“This positions Betr to create more value than incumbent operators over time.”
Speaking about his investment, Ehrenberg said Betr can change the dynamics of sports betting by moving entertainment front and centre.
“Sports have a special ability to bring people together,” he said. “No company is better positioned to accelerate and benefit from this trend than Betr.
Jeff Ransdell, founding partner and managing director of Fuel, added: “Joey, Jake and the incredible Betr team are truly creating something remarkable.
“They are addressing a genuine need in the sports media and betting world, catering directly to the end consumer. The overwhelming demand from investors wanting to join this journey is a testament to what they’re building.”