{"id":225393,"date":"2022-08-08T13:09:43","date_gmt":"2022-08-08T18:09:43","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=225393"},"modified":"2022-08-09T13:10:37","modified_gmt":"2022-08-09T18:10:37","slug":"jake-paul-partners-with-joey-levy-to-launch-micro-betting-site-betr","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/jake-paul-partners-with-joey-levy-to-launch-micro-betting-site-betr\/","title":{"rendered":"Jake Paul Partners With Joey Levy to Launch Micro-Betting Site Betr"},"content":{"rendered":"

Joey Levy and Jake Paul want to bring micro-betting to the forefront of US sports betting. They now have $50 million to back their venture, called Betr.<\/p>\n

\"Jake<\/a>
Social media influencer Jake Paul poses in a Liverpool FC jersey earlier this year. On Monday, Paul and Joey Levy announced the creation of Betr, a sports media and betting site that will offer original content and a betting site focused on micro-betting. (Image: Jake Paul\/Twitter)<\/figcaption><\/figure>\n

Levy, who cofounded micro-betting product developer Simplebet, and Paul, a social media influencer and professional boxer, announced the creation of Betr, pronounced \u201cbetter,\u201d in a Monday morning press release. The Miami-based company has a two-part sports betting strategy and a cadre of prominent investors from the sports, business, and gaming worlds behind it.<\/p>\n

\n

First, Betr wants to develop an online sports betting app focused on micro-betting, also known as in-play betting. The company\u2019s press release claims wagering on events like pitches in baseball or plays in football will provide \u201cinstant gratification\u201d to the wagering experience.<\/p>\n<\/div>\n

Levy believes micro-betting will do for sports betting what daily fantasy games did for the fantasy sports industry.<\/p>\n

\u201cI cofounded Simplebet to simplify the sports betting user experience \u2013 to reconsider why sports betting products felt uninterpretable to the casual fan who had never bet on sports before,\u201d said Levy, who will serve as Betr\u2019s CEO. \u201cIn doing so, we discovered that the technology required to enable a scalable micro-betting platform around the moments that drive US sports did not yet exist, given the global market’s focus was on soccer, a fluid sport without a natural start and stop cadence. So, we decided to build it ourselves at Simplebet. However, years later, the user experience remains unintuitive for a mass market consumer.\u201d<\/p>\n

Betr will \u201cunbundle\u201d micro-betting because it will be built around the premise, and Levy said it will offer an easy-to-understand user interface. Betr\u2019s platform will use Simplebet\u2019s technology when it\u2019s introduced in the near future.<\/strong><\/p>\n

It also plans to offer online casino games as well. A free-play sports site will also be available across the US.<\/p>\n

Betr to Operate Media Division<\/h2>\n

The second part of the strategy involves developing original media content, which is where Paul comes in. He has more than 70 million followers on social media, and on Monday, he gave a taste of what his weekly show, titled \u201cBS w\/Jake Paul,\u201d will feature.<\/p>\n

Backers believe the media side of the Betr venture will generate revenue and brand awareness, leveraging Paul\u2019s popularity \u2013 especially with Gen-Z, the oldest members of which are now in their early 20s.<\/p>\n

In a video tweet Monday introducing Betr, Paul said he declined a $40 million offer from a \u201ccrypto-casino\u201d earlier this year and instead chose to partner with Levy. Paul just last year invested in Levy’s Simplebet<\/a>.<\/p>\n

\n

I wasn’t into sports betting until I was introduced to micro-betting,\u201d <\/strong>said Paul, who will serve as Betr\u2019s president. \u201cMicro-betting is the TikTok-ification of sports betting, and I am excited to bring it to the masses through Betr. We are in this for the long haul and are focused on doing things the right way.\u201d<\/strong><\/p>\n<\/blockquote>\n

Levy and Paul say the company has already secured access to several US states through equity-sharing partnerships. Those deals will be announced at a later date.<\/p>\n

Betr also announced key hires that will help develop products for the company\u2019s two wings.<\/p>\n

Mike Denevi comes to the startup from Bleacher Report, where he helped establish that online media company\u2019s BR Betting unit, and Alex Ursa joins after helping FanDuel develop its sports betting and casino products.<\/p>\n

Who is Backing Betr?<\/h2>\n

So, who is backing this venture? According to Betr\u2019s release, it\u2019s a long list of high-profile investors.<\/p>\n

From the sports world, investors include Ezekiel Elliott of the Dallas Cowboys, Super Bowl champion Richard Sherman, and Pro Bowl wide receivers Dez Bryant and DeSean Jackson. Others who are in include the Stronach Group, which owns Miami-area Gulfstream Park and several other US racetracks, and Miami\u2019s Magic City Casino.<\/p>\n

Florida Funders led a $30 million Series A fundraising round for Betr. That ended up being oversubscribed, according to Betr\u2019s release, and that led to a subsequent $20 million Series A1 round led by Aliya Capital Partners and Fuel Venture Capital.<\/strong><\/p>\n

\u201cFlorida Funders saw a massive opportunity in a nascent market where the legacy players have not been strong from product, technology, and cultural relevance standpoints,\u201d said Saxon Baum at Florida Funders. \u201cIn addition to the market opportunity, the ability to back Joey Levy for the third time \u2013 having invested early with Joey in Simplebet and in 305 Ventures \u2013 was something we could not pass up on. In addition to Jake Paul, Joey has surrounded himself with great people, including Alex Ursa and Mike Denevi. We could not be more excited about the future of Betr \u2013 and are thrilled to be on this journey as this team changes sports betting and sports media in the US.\u201d<\/p>\n

Challenges Ahead of Betr<\/h2>\n

Micro-betting<\/a> is not a new concept. It’s been discussed for years as sports betting has grown across the US. But it has yet to gain much traction.<\/p>\n

While Betr talks a big game in its release, it will have at least a couple of challenges to overcome in its quest to be a sports betting leader.<\/p>\n

\n

First, the current sports betting landscape is dominated mainly by FanDuel and DraftKings, with BetMGM and Caesars Sportsbook holding significant market shares. Much of that market share has been acquired through heavy spending as the operators launched in new states.<\/p>\n<\/div>\n

Levy, in a statement, said he and his cohorts have a chance to \u201cbuild the most capital-efficient and culturally relevant gambling business in the US.\u201d The model, though, does not seem all that far off from what Penn Entertainment and Barstool Sports envisioned. So far, Barstool Sportsbook has become a mid-tier operator in the states where it’s licensed.<\/p>\n

Another issue may be technology. Not Betr\u2019s or Simplebet\u2019s, but the tech behind streaming games online for fans to watch. Latency issues with streaming services mean the games fans watch in their homes or on their devices are usually behind a few plays. That\u2019s an issue that needs to be addressed for micro-betting to be in a position to grow.<\/p>\n","protected":false},"excerpt":{"rendered":"

Joey Levy and Jake Paul want to bring micro-betting to the forefront of US sports betting. They now have $50 million to back their venture, called Betr. Levy, who cofounded micro-betting product developer Simplebet, and Paul, a social media influencer and professional boxer, announced the creation of Betr, pronounced \u201cbetter,\u201d in a Monday morning press […]<\/p>\n","protected":false},"author":45,"featured_media":225409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,1074],"tags":[82234,82232,82233,80968],"acf":[],"yoast_head":"\nJake Paul Partners With Joey Levy to Launch Micro-Betting Site Betr<\/title>\n<meta name=\"description\" content=\"Besides focusing on in-game wagering, or micro-betting, Betr will also develop original media content, including a weekly show by Jake Paul\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/jake-paul-partners-with-joey-levy-to-launch-micro-betting-site-betr\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jake Paul Partners With Joey Levy to Launch Micro-Betting Site Betr\" \/>\n<meta property=\"og:description\" content=\"Besides focusing on in-game wagering, or micro-betting, Betr will also develop original media content, including a weekly show by Jake Paul\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/jake-paul-partners-with-joey-levy-to-launch-micro-betting-site-betr\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-08T18:09:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-09T18:10:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-1.46.38-PM-1024x768.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Steve Bittenbender\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Bittenbender\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/jake-paul-partners-with-joey-levy-to-launch-micro-betting-site-betr\/\",\"url\":\"https:\/\/www.casino.org\/news\/jake-paul-partners-with-joey-levy-to-launch-micro-betting-site-betr\/\",\"name\":\"Jake Paul Partners With Joey Levy to Launch Micro-Betting Site Betr\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/jake-paul-partners-with-joey-levy-to-launch-micro-betting-site-betr\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/jake-paul-partners-with-joey-levy-to-launch-micro-betting-site-betr\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-1.46.38-PM.png\",\"datePublished\":\"2022-08-08T18:09:43+00:00\",\"dateModified\":\"2022-08-09T18:10:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/eb30e765d812fc9b38b333f8d13068b2\"},\"description\":\"Besides focusing on in-game wagering, or micro-betting, Betr will also develop original media content, including a weekly show by Jake Paul\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/jake-paul-partners-with-joey-levy-to-launch-micro-betting-site-betr\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/jake-paul-partners-with-joey-levy-to-launch-micro-betting-site-betr\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/jake-paul-partners-with-joey-levy-to-launch-micro-betting-site-betr\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-1.46.38-PM.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-1.46.38-PM.png\",\"width\":1600,\"height\":1200,\"caption\":\"Social media influencer Jake Paul poses in a Liverpool FC jersey. 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