In February last year, the female-focused online gaming platform, Betty, launched its services for customers in Ontario, Canada’s largest province. The launch came after the operator secured a license from the Alcohol and Gaming Commission of Ontario (AGCO), the gambling regulator in the province. Throughout last year, Betty raised a total of $7 million.

Now, after a new pre-series A funding led by CEAS Investments, the new female-focused online casino confirmed it raised $5 million. As noted, the achievement comes ahead of Betty’s Series A round. Globally recognizable companies, including Powerhouse Capital, HappyHour and Courtside Ventures participated in the latest funding round.

According to Betty, the new cash injection will seek to improve its live operations and propel customer engagement. Moreover, the company said that the capital will help upgrade its platform from the current version, Midnight 1, to Midnight 2, promising exceptional experiences.

“Betty, the female-focused online casino, announced today that it has raised $5 million in pre-Series A funding led by CEAS Investments as the company approaches its upcoming Series A round,“

reads a statement released by HappyHour

As a female-focused online casino, Betty remains dedicated to engaging with female audiences, delivering unrivaled experiences and unique entertainment. Additionally, the platform dedicates resources to community-based play, gamification and transparency. Standing out from the competition, Betty retains female players at a rate that is three times higher when compared to its competitors.

The Online Casino Benefits from Best Practices in the iGaming Sector

Robin Reed, HappyHour’s Managing Partner, highlighted Betty’s efforts to engage with and retain female players while ensuring exceptional experiences via its quality platform. Finally, he said: “It’s a privilege to support their growth, both in terms of capital and product expertise, and we look forward to continuing on this exciting path together.”

“Betty has a clear vision and plan to differentiate themselves in the market by prioritizing female online slot players and by building an in-house platform.“

Robin Reed, managing partner at HappyHour

Salim Mitha, Powerhouse Capital’s managing partner and former EVP for Playtika, added that Betty currently leverages some of the best practices for the online gambling sector. According to him, the company’s success is evident thanks to those practices. Finally, Mitha said Betty leverages this extensive knowledge and strategies, allowing it to benefit from increased revenue and customer engagement.

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Betty, a new iGaming startup sitting at the intersection of online casino and casual mobile gaming, announced its latest seed round led by Karlani Capital has raised $5 million, attracting interest from a number of investment funds.

Online Slot Players in the Focus

The new funding round for the American-Bulgarian real-money entertainment startup saw interest from other investors, including CEAS Investments, Courtside Ventures, Gaingels, OCA Venture, Subversive Capital and 305 Ventures.

The new seed round is the second funding round for the startup that is headquartered in New York and has an R&D office in Bulgaria, following its pre-seed funding in March 2022 which raised $1.8 million.

Gaingels, a private investment syndicate that participated in Betty’s seed round commented that, while historically sports betting and casinos had been marketed to men, more than half of these markets are made by women, and they admire “Betty’s mission to make the category more inclusive.”

Founded in 2022 by Vlad Pavlov, Chavdar Dimitrov, Jordan Tuch, Annie Zeng, and Justin Park, Betty has identified a large audience of casual iCasino customers – women playing slots – who remain underserved by existing online casino brands which in their core functions operate as sportsbooks.

Leveraging its founders’ collective experience of over 50 years in iCasino technology, Betty seeks to maximize the entertainment value of this underserved market group by offering them an entertaining gaming experience that is safe, social and inclusive.

Ontario Launch and Platform Development

The proceeds of the funding round will be used to speed up Betty’s launch in the Canadian province of Ontario where it was issued a gaming license by the Alcohol and Gaming Commission (AGCO) in January and is anticipating soft launching operations this month. Betty’s full-scale go-to-market in Ontario is expected to take place in the second business quarter of 2023.

Money raised from the seed round will also go towards the continued development of the company’s proprietary online casino platform and its specifications tailor-made for markets in North America.

The team of Betty’s founders was behind the creation of QL Gaming Group, a direct-to-consumer sports data and iGaming affiliate platform headquartered in New York that was acquired by Audacy, a free broadcast and radio platform.

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