Industry News

Betr Raises $35M in Series A2 at $300M Pre-money Valuation

Published

2 years ago

June 29, 2023

Betr Holdings Inc. announced its $35M Series A2 round of financing valuing the company at $300M pre-money. The Company held a set of initial closings for its Series A2 round of financing in Q2 and is scheduled to conduct a final closing in Q3. The round is co-led by Roger Ehrenberg via IA Sports Ventures and Eberg Capital, and Fuel Venture Capital, with Fuel expanding their investment size in Betr from $10M invested to date to $20M total. Both co-founders – Joey Levy via a personal investment and Jake Paul via Anti Fund – participated in the round, and other major existing investors including FinSight Ventures, Florida Funders, and Aliya Capital Partners have invested significantly beyond their pro rata.

Betr’s gaming division, Betr Gaming, is an online sports betting (OSB) business focused on a unique product experience with a simplified UI/UX that is catered to the casual sports fan, enabling Betr to capture more of the underpenetrated online gaming addressable market. Betr Gaming began with a microbetting-only product, allowing users to bet on individual plays and events – such as pass or rush on the next play in football or the outcome of the next pitch in baseball, and is expanding its product offering to include additional markets with full sportsbook capabilities. Betr Gaming is licensed and operational in Ohio and Massachusetts, is licensed in Virginia with plans to launch soon, and holds market access in Indiana and other jurisdictions that will be announced soon. In addition to OSB, Betr Gaming will be unveiling two additional real money gaming verticals, which will be announced over the coming weeks and months, signifying the Company’s commitment to diversification and innovation within the gaming industry. Betr Gaming has also established itself as the leader in responsible gaming across the real money gaming industry by being the first and only operator to proactively ban credit cards as a method of depositing for all users, while imposing monthly deposit limits for young consumers aged 21-25 years old.

Betr recently acquired the Chameleon platform from FansUnite, which will enable Betr Gaming to launch V1 of its OSB product, Betr Betting, with full sportsbook capabilities which will include pre-match and in-play core markets, parlays, same game parlays, futures, props, and other bet types, along with 20+ additional sports. In addition to bolstering Betr Betting, the Chameleon platform will also support the two additional real money gaming verticals the Company plans to announce.

Betr’s media division, Betr Media, is the fastest growing sports betting media brand in the US, already surpassing 1.3B impressions on social media in its first 10 months. Betr Media is focused predominantly on original and short-form content, which the Company believes will be the primary form of sports media consumption for the 21-34-year-old male demographic outside of consuming live sporting events themselves. Betr Media’s unique approach of creating culture as opposed to reposting culture is also informing unprecedented media-audience-to-product conversion, with over 20% of Betr Media’s estimated Ohio audience already converting to real money gaming customers for Betr Gaming. In just its first year, Betr Media was awarded Best Sports Betting Content in the sports media industry at the 2023 Hashtag Sports Awards and was also nominated for two other awards, including Best Original Content for the Company’s flagship franchise BS w/ Jake Paul and Best Use of Gamification for the Company’s Betr Ticket contest.

Betr Media is driving low-to-no-CAC for Betr Gaming, positioning the Company to have the best unit economics in the OSB and iGaming markets, which is projected to reach over $40B in the US and $150B globally by 2030. The Company has laid the foundations for a powerful flywheel – where it can capitalize its business and monetize users directly via Betr Gaming products, invest this capital in content creators via Betr Media to further drive brand awareness and brand affinity, and then funnel this incremental audience growth and engagement to Betr Gaming products.

Joey Levy, Founder and CEO of Betr, said: “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 while validating some of our core theses. 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. The three pillars of our business are 1) low-to-no-CAC supported by unique social media expertise, 2) strong user engagement and retention supported by brand affinity and a differentiated product, and 3) a focus on responsible gaming supported by a team that believes in doing the right thing. We have seen material validation of pillar one, we have demonstrated leadership and still have more planned with respect to pillar three, and we will be better positioned to validate pillar two after launching our two other real money gaming verticals and V1 of Betr Betting on top of the recently acquired Chameleon platform.

“Finally, I am thrilled this round has served as a platform to deepen the Company’s relationship with Roger Ehrenberg, one of the most successful venture investors of the past two decades who is investing over 10x his pro rata in this round, and Fuel Venture Capital, one of the preeminent Miami-based venture capital firms, who is doubling their investment in the company from $10M invested to date to $20M total after this round. I am grateful for the continued support of Roger, Fuel Venture Capital, and many of our other great investors.”

Roger Ehrenberg said: “Betr is poised to change the dynamics of the OSB landscape by moving ‘entertainment’ front and center through compelling content, a superior user experience and deeper engagement across both major and alternative sports. Sports have a special ability to bring people together, and no company is better positioned to accelerate and benefit from this trend than Betr.”

Jeff Ransdell, Founding Partner & Managing Director of Fuel Venture Capital, said: “Joey, Jake, and the incredible Betr team are truly creating something remarkable. They are addressing a genuine need in the sports media and betting world, catering directly to the end consumer. The overwhelming demand from investors wanting to join this journey is a testament to the validity and promise of what they’re building.”

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FanDuel Sports Network Appoints Damon Phillips to Lead South, Southeast, Florida and Sun Regions

Published

7 days ago

August 11, 2025

Niji Narayan

FanDuel Sports Network, owned and operated by Main Street Sports Group, announced that Damon Phillips is joining the Company as Executive Vice President, Team Partnerships, effective August 25. In this role, Phillips will assume oversight of the South, Southeast, Florida and Sun regions, including partnerships with the Atlanta Braves, Atlanta Hawks, Carolina Hurricanes, Charlotte Hornets, Memphis Grizzlies, Miami Heat, Miami Marlins, Nashville Predators, Orlando Magic, and Tampa Bay Rays. He will report to David DeVoe, President of Main Street Sports Group.

“Damon brings an exceptional track record of using digital innovation, audience segmentation, and cross-platform strategies to drive fan growth and engagement. As we continue to invest in our local sports media platform, Damon’s deep leadership experience at both NBC Sports and ESPN, combined with his ability to scale technology-forward solutions for both media companies and team partners, provide a unique perspective as we continue to focus on team-first solutions in a dynamic local media landscape,” said DeVoe.

“I’m thrilled to be joining a company that’s reshaping what local sports media can deliver for fans and partners. FanDuel Sports Network has built a strong foundation and is uniquely positioned to harness the power of local fandom, scale engaged audiences and unlock new growth across its markets. I’m excited to help drive this next chapter,” said Phillips.

Phillips has spent more than three decades at the intersection of sports, media, and technology, including senior leadership roles at NBCUniversal and ESPN. At NBC Sports, he served as Senior Vice President, Digital Media & Emerging Businesses, overseeing NBCSports.com, Sports Betting, Fantasy Sports, the NBC Sports YouTube Channel, Peacock B2B distribution, and multiple podcast and streaming ventures. He led partnerships with DraftKings, BetMGM, Fanatics, and others, and provided strategic direction for the company’s FAST and sports betting content initiatives.

Industry News

Caesars Entertainment Launches Signature American Roulette

Published

7 days ago

August 11, 2025

Niji Narayan

Caesars Entertainment has launched its third fully in-house developed proprietary online casino title: Signature American Roulette. Now live in New Jersey, the game is available across Caesars Palace Online Casino, Caesars Sportsbook & Casino, and Horseshoe Online Casino, bringing another standout addition to the Company’s Signature table game series.

Developed by Empire Creative, Signature American Roulette reflects Caesars’ growing investment in building its own proprietary content, a cornerstone of its online casino strategy aimed at delivering a best-in-class player experience.

“Our in-house content team’s latest addition to the Signature series of table games is a standout for our online casino players. Bringing Signature American Roulette to our iGaming platforms perfectly complements our suite of Caesars-branded table games and further strengthens the robust collection of digital offerings that bring the energy of the casino floor to players’ mobile devices,” said Matthew Sunderland, Senior Vice President and Chief iGaming Officer at Caesars Digital.

Signature American Roulette follows the recent launches of fan-favorite Signature titles, Caesars Palace Signature Multihand Blackjack Surrender in May and Signature Blackjack Surrender in June, both also developed by Empire Creative. Online casino players can enjoy these games across Caesars’ marquee iGaming platforms in New Jersey, Michigan and Ontario, with Caesars Palace Signature Multihand Blackjack Surrender now also available on Caesars Palace Online Casino in Pennsylvania.

“Signature American Roulette continues our commitment to delivering immersive and player-centric table games that align with our many iconic brands. From player-selectable wheel spin direction and speed to our intuitive favorite bets system, every detail is crafted to boost engagement. With seamless play in portrait or landscape modes and picture-in-picture win evaluations, we’re bringing the thrill of the casino straight to players’ fingertips,” said Scott Krell, Senior Director of Game Products and Head of Studio at Caesars Digital.

Those 21 and older in New Jersey can play Signature American Roulette by downloading the Caesars Palace Online Casino, Horseshoe Online Casino or Caesars Sportsbook & Casino apps on iOS or Android, or visiting the platforms on desktop. These platforms are also available in Pennsylvania, Michigan, Ontario, and West Virginia, offering a dynamic online casino experience that features Caesars-branded games, timeless casino classics, and unique titles from top game providers. Each platform offers a dynamic online casino experience with a range of unique games from top providers, Caesars-branded games, and timeless casino classics. Additionally, each platform integrates Caesars Rewards, the Company’s industry-leading loyalty program allowing players in the US to earn Caesars Rewards Credits redeemable for unforgettable experiences at more than 50 world-class Caesars Rewards destinations across North America.

Industry News

Maryland Casinos Generate $165.7 Million in Gaming Revenue During July

Published

2 weeks ago

August 7, 2025

Niji Narayan

Maryland’s six casinos combined to generate $165,661,894 in revenue from slot machines and table games during July 2025. The statewide total was down $4,159,416 (-2.5%) compared to July 2024.

Casino gaming contributions to the state during July 2025 totaled $71,857,827, a decrease of $305,727 (-0.4%) compared to July 2024. The July 2025 contributions included $51,742,064 to the Education Trust Fund, a decrease of $272,892 (-0.5%) compared to July 2024.

Casino gaming revenues also support the communities and jurisdictions where the casinos are located, Maryland’s horse racing industry, and small, minority- and women-owned businesses.

Maryland’s six privately owned casinos offer both slot machines and table games: MGM National Harbor in Prince George’s County; Live! Casino & Hotel in Anne Arundel County; Horseshoe Casino Baltimore in Baltimore City; Ocean Downs Casino in Worcester County; Hollywood Casino Perryville in Cecil County; and Rocky Gap Casino Resort in Allegany County.

The gaming revenue totals for July 2025 were as follows:

MGM National Harbor (2261 slot machines, 208 table games)

$68,587,339 in July 2025, a decrease of $3,396,384 (-4.7%) from July 2024

Live! Casino & Hotel (3832 slot machines, 179 table games)

$59,702,771 in July 2025, a decrease of $2,860,124 (-4.6%) from July 2024

Horseshoe Casino (1365 slot machines, 115 table games)

$14,415,536 in July 2025, an increase of $1,098,302 (8.2%) from July 2024

Ocean Downs Casino (900 slot machines, 18 table games)

$10,236,754 in July 2025, an increase of $615,672 (6.4%) from July 2024

Hollywood Casino (731 slot machines, 23 table games)

$7,622,642 in July 2025, an increase of $325,372 (4.5%) from July 2024

Rocky Gap Casino (630 slot machines, 12 table games)