YouTuber Jake Paul Backs Sports Gambling AppProduct Aims For More 'Instant Gratification' In Gambling |
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Jake Paul is doubling down on sports betting.
Paul, a YouTuber-turned-boxer, and entrepreneur Joey Levy announced the creation of a new sports betting company called Betr. The new product looks to focus on in-game, low-stakes wagering. It’s calling the activity “micro-betting.”
“Betr is setting out to disrupt legacy gambling and legacy media,” the company said.
The product will look to push wagering on markets such as pitches and at-bats of baseball games and plays and drives of football games.
Betr said that it will be leveraging technology from another company called Simplebet, which Levy is also behind. The product will initially launch as a free-play product across the U.S. It will need licenses to operate real-money gambling in the more than 30 sports betting states.
Paul, who has 70 million followers on social media, kicked off the launch of Betr’s media company with a program called “BS w/ Jake Paul.’”
“I co-founded Simplebet to simplify the sports betting user experience – to reconsider why sports betting products felt uninterpretable to the casual fan who had never bet on sports before,” said Levy, Founder and CEO of Betr. “In doing so, we discovered that the technology required to enable a scalable micro-betting platform around the moments that drive U.S. 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.”
Levy added that “micro-betting introduces an order of magnitude greater level of instant gratification to the current sports betting user experience.”
“We have an opportunity to build the most capital efficient and culturally relevant gambling business in the U.S.,” Levy continued, "ultimately surpassing other sports betting companies whose primary focus remains on spending heavily on customer acquisition while offering commoditized legacy sportsbook product experiences – by introducing superior and differentiated product.
Betr has made hires from the likes of FanDuel.
“I wasn’t into sports betting until I was introduced to micro-betting,” said Paul. “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. We are getting licensed state-by-state, adhering to each state’s regulatory framework […] We want to be the category defining consumer company in both sports betting and sports media by the end of the decade and are confident we will achieve that goal.”
Betr has raised $50 million in funding from institutional and strategic investors, as well as athletes. Investors include Ezekiel Elliott, Richard Sherman, Dez Bryant, DeSean Jackson, Magic City Casino, and owners of the San Francisco 49ers, Boston Celtics, and Miami Marlins.
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