Sports betting and media startup Betr has successfully raised $35 million in Series A2 funding, valuing the company at $300 million. 

The latest funding will support Betr’s two primary goals. First, the company plans to further develop Betr Media, leveraging its success in engaging sports fans to drive users to the gambling product. Over 20% of Betr Media’s estimated audience in Ohio has converted to real money customers for Betr Gaming. 

Additionally, Betr intends to enhance its sportsbook offerings by adding more traditional wagers, such as pre-game moneyline bets and same-game parlays. The company wants to provide a comprehensive betting experience to keep users on its platform for all their betting needs.

Betr’s online sports betting product is already operational in Ohio and Massachusetts, with plans to launch in Virginia soon. The company also has market access in Indiana and intends to expand to other states in the near future.

Betr’s media division, Betr Media, has positioned itself as the “fastest growing sports media brand in the United States.” With a focus on original and short-form content, Betr aims to engage the next generation of sports bettors. The company has gained significant traction, accumulating 1.3 billion social media impressions in its first 10 months of operation.

To bolster its online sports betting product, Betr recently acquired the Chameleon platform from FansUnite, enabling the launch of Version 1 of its complete sportsbook capabilities. The platform will also support the introduction of two additional real-money gaming verticals in the coming months.

Betr Implements Unique Strategy to Capture Market Share in Real Money Gaming

Joey Levy, founder and CEO of Betr, commented on the funding round: “I am thrilled to announce our Series A2 round of financing, which we opportunistically raised after successfully laying the foundations for Betr Gaming and Betr Media. Our ability to rapidly scale Betr Media’s audience, and then convert this audience to Betr Gaming at low-to-no-CAC, will enable us to have the best unit economics in the regulated real money gaming industry, positioning Betr to create more value than incumbent operators over time.”

Funding round co-leader Roger Ehrenberg from IA Sports Ventures and Eberg Capital stated that Betr was poised to alter the dynamics of the OSB landscape by giving prominence to entertainment through compelling content, an enhanced user experience, and deeper engagement in both major and alternative sports. 

Betr’s strategy of using a media division to attract customers to its gambling platform is not unique, as other companies like Barstool Sports and DraftKings have adopted similar approaches. However, Betr believes it can offer a superior content experience, coupled with an expanding product lineup and a focus on user experience, to succeed in the competitive industry.

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Core pricing itself tends to be relatively straightforward as the market has matured over the course of the NCAA season where all 68 teams entering the bracket will have clocked up over 30 games. This is a decent sample size when you consider the NFL regular season is just 17 games! Coaching tendencies are known, and line-ups and rotations are settled but of course, everyone loves the underdog story and the big upsets when variance comes to play. Last year, it was St. Peter’s that became the giant killer after their unexpected run and undoubtedly, we’ll see other low seeds progress in 2023 to capture the public’s imagination once again.

Q: Do you expect March Madness to match, or even exceed, the betting activity we saw in last month’s Super Bowl?

The Super Bowl was a huge success for Amelco as we notched up a record handle. As a platform provider and trading floor, we are benefitting from new product rollouts, new integrations, and market access in a number of new states compared to the previous year. We expect that promising business to carry over into March Madness with this iteration of the big tournament set to be far and away our biggest yet.

Q: Will the expected high volumes be a driver for more States to encourage legalised sports betting?

We enter the 2023 tournament as a licenced platform provider in 17 states with eyes set on further expansion in the year ahead. Our sportsbook partners operate across a wide variety of regulated states, competing with the ‘big boys’ in mass markets such as Colorado, Michigan and New Jersey through to a more localised landscape in the likes of Arkansas and Wyoming. There hasn’t been an optimised ‘one size fits all’ approach from a regulator yet. Those states who are nearing legalisation, but have sat on the sidelines so far, will have observed the sizeable tax benefits and varying degrees of success that the existing models from other states have provided. This has to have an underlying appeal that should see more states become legalised as we move further into 2023 and beyond.

Q: As mobile betting grows in popularity, can we expect that to become the pre-eminent method of sports betting in the US for the foreseeable future?

Online mobile growth is far exceeding that of the land-based model. However, there is room and merit for both to grow side-by-side. We have seen impressive retail numbers at launch for Fanatics at FedEx Field whilst our more traditional casino and hotel-based business continues to boom. At Amelco, we pride ourselves on developing both mediums at a fast pace to keep up with the latest industry demands and requirements. In-person wagering and enjoying the company of others will always trump sitting alone betting on an app while taking in marquee events and tournaments. We saw record retail numbers during the soccer World Cup and the Super Bowl and we now expect that to continue into March Madness.

Q: With both the Super Bowl and March Madness in a small time period, how can sports bettors remain engaged in the lull period after these events?

There is no shortage of action after March Madness concludes. The NBA and NHL playoffs get underway at the conclusion of tournament play in the NCAA, whilst we have tennis and golf Majors to look forward to as well. In soccer, there looks set to be an exciting end to the EPL, Champions League and other major leagues globally in May and June and the MLB season will have also ramped up. Away from the sporting field, there are one-off events such as the NFL draft that continue to grow in popularity from a wagering perspective year-on-year. Traditionally, the summer months are seen as downtime for operators and bettors alike but we’re optimistic about capturing and maintaining business during this period with competitive and diverse offerings across multiple sports.

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