• Home
  • News
  • Investment
  • Betr secures $15m funding in bid to build “category-defining” business
igamingnext photo
Betr has netted $15m in strategic equity financing from a prominent investor consortium, boosting its total funding to $100m. 

The latest funding round, co-led by Harmony Partners and 10x Capital, values the company at $375m. 

Betr’s major existing investors Fuel Venture Capital, Aliya Capital Partners, and Roger Ehrenberg’s Eberg Capital have also participated, among others. 

The valuation marks a significant jump from Betr’s previous standing at $300m in July 2023.

Harmony Partners is a leading growth investor funding emerging companies led by Mark Lotke, while 10X Capital is a venture capital firm led by co-founders Hans Thomas and David Weisburd.

10X Capital has invested in companies including 23andMe, Palantir, Robinhood, Udemy and DratftKings.  

“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,” said Weisburd.

Expansion plans

In tandem with this financial milestone, Betr unveiled expansion plans for its online sportsbook and casino products. 

The company has secured market access in several US states including Pennsylvania, Ohio, Virginia, Indiana, Colorado, and Kentucky. 

In addition, Betr is set to launch its casino product pending regulatory approval, having secured iGaming market access in Pennsylvania. 

The company has also received a temporary sports wagering licence from the Indiana Gaming Commission and plans to launch its new V1 Sportsbook product in Indiana over the coming months.

New hires

Betr has also strengthened its senior leadership team with key hires. 

Dan Maas, previously EVP of commercial with Wave Sports & Entertainment, has joined as head of media revenue, partnerships and strategy. 

Maas will lead monetisation efforts for Betr Media, positioning the company’s media arm to become a large, bona fide revenue-generating business, in addition to the primary benefit Betr Media serves, which is to create advantageous customer acquisition economics for Betr Gaming.

Meanwhile, Andrew Winchell has been appointed as head of government affairs

He joined Betr from FanDuel, where he served as directory of regulatory affairs. 

Winchell has worked closely with state regulators and political leaders on key issues pertaining to sports gaming and will strengthen Betr’s internal government and regulatory affairs capabilities as the company scales in size and launches in new jurisdictions.

“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 licence,” said Betr founder and CEO Joey Levy. 

“Jake (Paul) and I co-founded Betr just over two years ago, so raising capital from leading growth stage investors at a $375m 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.”

Similar posts