Jake Paul-backed Betr launches after raising $50 million

Paul has teamed up with sports betting entrepreneur Joey Levy to secure $50million in funding and launch the brand.

Betr will be the first direct-to-consumer micro-betting focused sports betting company.

The new company will also feature a "new media venture for the next generation of sports fans" as revealed in the official launch by Paul, who will host 'BS w/ Jake Paul'.

The brand is setting out to disrupt the gambling industry in the United States and with the idea of making punter "betr" for gamblers.

Betr will harness the Simplebet technology launched by Levy previously, which has pioneered micro-betting on US sports.

The betting app will initially launch as a free-to-play experience available in all 50 states, and that will be followed by a state-by-state rollout of its licensed real money betting experiences.

"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 while advocating for important consumer protections and responsible gambling. 

"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."

"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," Levy added.

"In 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.

"Betr will unbundle micro-betting by building an entire company around it and delivering the experience in a simple, intuitive UI layer. 

"We believe micro-betting will ultimately emerge as the predominant way consumers bet on US sports."

Micro-betting is a new form of betting that introduces instant betting on outcomes such as pitches and at-bats of baseball games and plays and drives of football games. 

Jake Paul, who has 70 million followers on YouTube and is also an unbeaten professional boxer, will become the Founder and President of Betr. 

Joey Levy is named as the Founder and CEO of Betr, having originally founded Simplebet. 

Alex Ursa, formerly Head of Product at FanDuel, and Mike Denevi, who was Head of Media at Bleacher Report, have also joined the team.

Miami-based Betr have raised $50 million in backing that will kickstart the new brand into life.

Some of the biggest sporting franchises, sportsmen and companies have put their backing behind Betr.

The investors include Florida Funders, 8vc, Aliya Capital Partners, Fuel Venture Capital, FinSight Ventures, Co-Owners of San Francisco 49ers, Boston Celtics, and Miami Marlins, Travis Scott, Ezekiel Elliott, Richard Sherman, Dez Bryant, DeSean Jackson, Braxton Berrios, Palm Tree Crew, Roger Ehrenberg, Mark Wan, Russell Galbut, David Grutman, Deirdre Bigley, Gary Barber, Simplebet, Stronach Group, Magic City Casino, Anti Fund, 305 Ventures, Elizabeth Street Ventures, Riverside Ventures, Gaingels, Moving Capital, Elysium Venture Capital, FJ Labs, Tampa Bay Ventures, Trog Hawley, and many others.