Jake Paul is betting that his social media stardom can help turn Betr into the stratosphere o TikTok of the sports betting world, and investors are getting in on the action. Earlier this month, Paul announced that he’s partnered with Joe Levy, Betr’s founder and CEO, with a mission to “disrupt legacy gambling and legacy media, with a mission of making sports and betting betr.”
Based on its business model, and Paul’s massive influence over key sports betting demographics, Betr recently obtained $50 million in funding from a group of investors that includes venture capital firms like Aliya Capital Partners, and celebrities like Travis Scott.
Betr’s microbetting sportsbook model centers around players continually making small wagers on key moments in any given sporting event. It’s basically a model that emphasizes continual live betting with a simple, user-friendly interface. From the looks of it, Betr is looking to appeal to players who also dabble in daily fantasy sports and aren’t thinking about futures bets of any kind.
Paul, who is the Founder and President of Betr, explained the concept and why it appealed to him in a recent press release saying, “I wasn’t into sports betting until I was introduced to micro-betting. Micro-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.”
Betr is not currently licensed to operate in any US State and is offering its site as free-to-play until licenses are acquired.