Jake Paul Raises $50M for New Sports Media & Micro-Betting Company
Riding on the coattails of his own boxing success, Jake Paul just announced his new company, “Betr”, which aims to be the, well, "Betr" sports media company.
It’s broken down into two branches, a sports media content factory, and a sports betting casino. So, let’s dive deep into what he’s bringing to the table.
Starting off with the sports media content factory, Jake and his team are promising to build a newer, better platform for consuming sports content. They are going to be doing shows, podcasts, social media content and more with Jake obviously headlining the whole thing with his new show, “BS with Jake Paul.” He claims that he’s sick and tired of the washed-up billionaires currently running the sports media market and he wants to innovate the whole industry. He’s going to be interviewing athletes during their workouts, over a couple of drinks, or a lot of drinks, swearing as much as he wants and asking the real questions that everybody wants to know. Which, I gotta say, it would be pretty funny to see some top boxers hammered in an interview. Just saying…
He wants to dive deep into the minds of the athletes to find out what makes them who they are and why they want to be the best. It’s going to be innovative for sure, but we’ll just have to watch and see how it all goes down.
Now, to the second branch, the Sports betting & Casino. Claiming that he turned down $40M from “scammy” online casinos to build out this better option, Jake and his team have some innovative features coming to the world of sports betting.
Betr’s main feature that they’re bringing to the table is legal microbetting in the US. Microbetting is a form of betting in which users can bet on essentially anything during a game or a match. This means every play, drive, player, punch, you name it, you can bet on it in real time. This isn’t the first time that microbetting has been introduced to the sports betting world, but it seems to be a major selling point for Betr so we’ll see how the users take to it.
Now, to make all of this happen, Jake raised $50M for Betr alongside his co-founder and veteran sports better, Joey Levy. The list of investors is quite impressive with big names like Florida Funders, Aliya Capital, Fuel Ventures, 8VC, Travis Scott, Ezekiel Elliot, Dez Bryant, Richard Sherman, and DeSean Jackson all pouring some cold-hard cash into the company.
It’s definitely got some backing behind it, and $50M can take this company a pretty long way if they know how to stretch it. Joey Levy, who I assume is going to be the man behind this business while Jake is the face, claims that “The funding will be used predominantly for building out the infrastructure around Betr's media business, and to support a dedicated customer acquisition budget for the betting side of its business.” He also said they’re spending far less than they had expected on deals with market access partners, because they have been offering them equity stakes with the company rather than cash, leaving a lot more of the funding to build out the company’s infrastructure.
To kick things off, Jake is putting out his first podcast episode on August 9th, and the sports betting beta app is set to launch soon after, starting off as a free-to-play experience for betters in all 50 states. Betr hopes to convert these free users to paid users in the coming months as they figure out all of their plans for monetization.
I'm interested to see where Jake takes this company, and I'll be having a watchful eye over the authenticity, honesty, and professionalism of Betr. Trying to take down the current sports giants is not going to be an easy task, so Jake and his team will need to be at the top of their game to succeed.
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