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Sports Betting Entrepreneur Joey Levy and Media Mogul Jake Paul Announce Creation of Micro-Betting and Media Company “Betr” with $50M Series A

Published

2 years ago

August 10, 2022

Sports betting entrepreneur Joey Levy and media mogul Jake Paul announced the creation of Betr, the first direct-to-consumer micro-betting focused sports betting company. Levy will be acting as CEO of the company, while Paul will be the President, which has raised $50 million in a Series A round.

As part of the company’s efforts, the two are also launching a new media venture for the next generation of sports fans. Betr is setting out to “disrupt legacy gambling and legacy media”, with a mission of making sports and betting “betr”.

Betr is the first direct-to-consumer sports betting company to focus predominantly on micro-betting, a new form of betting that introduces instant gratification to the sports betting user experience by enabling the moments that drive U.S. sports consumption – such as pitches & at-bats of baseball games and plays & drives of football games – to become discrete betting opportunities.

Levy is the co-founder of Simplebet, the B2B technology company that has pioneered micro-betting on U.S. sports by building the machine learning and automation infrastructure to enable this new form of betting to exist at scale.

Betr will be leveraging Simplebet’s technology and is releasing its app in the coming weeks, initially as a free-to-play experience available in all 50 states, with a state-by-state rollout of its licensed real money betting experiences to follow later this year. Betr has secured market access in multiple U.S. states through strategic equity-based partnerships that the company will be announcing in the near future.

Paul, who has 70 million followers on social media and is one of the most searched public figures on Google, kicked off the launch of Betr’s media company with a preview of “BS w/ Jake Paul,” the first of many franchises Betr will release as it aims to become the primary media platform for the next generation of sports fans.

The show will feature Jake, arguably the most disruptive athlete-influencer in sports and one of the most famous Gen-Z personalities in the world, along with his celebrity friends taking fans on a journey across the landscape of sports and sports betting through the eyes of an A-list athlete. The show sets out to become one of the most viewed and engaged sports shows on digital with each episode featuring Jake, his sidekick co-hosts, and celebrity/athlete guests as they discuss the hottest stories in sports. In addition to generating brand awareness and affinity for the Betr brand, Betr’s media company will independently generate revenue for Betr, with the company evaluating sponsorship opportunities for “BS w/ Jake Paul” and its other premium content initiatives.

Joey Levy, Founder and CEO of Betr, said: “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. 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.

“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 U.S. sports, given (1) the stop and start cadence of U.S. sports lending itself perfectly to this style of wagering, and (2) similarly to how daily fantasy sports innovated on top of season long fantasy, micro-betting introduces an order of magnitude greater level of instant gratification to the current sports betting user experience.

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“We have an opportunity to build the most capital efficient and culturally relevant gambling business in the US – 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, while capturing billions of dollars-worth of free marketing via our media company, all while also directly monetizing our media company via sponsorship and licensing revenue.”

Alex Ursa has joined Betr as Head of Product from FanDuel, where he helped build their sports betting & casino businesses into the clear market leader. Mike Denevi has joined Betr as Head of Media from Bleacher Report, where he helped build BR Betting into the top sports betting media brand on social. The company is headquartered in Miami and the team will be working together in person, which it views as a competitive advantage in a post-COVID world that has embraced remote work.

Jake Paul, Founder and President of Betr, said: “I wasn’t into sports betting until I was introduced to micro-betting. 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.”

Simplebet CEO Chris Bevilacqua said: “We’re thrilled to be Betr’s technology partner, powering unique in-play betting experiences centered around micro-betting and transforming the way consumers engage and wager on sports. The combination of our best-in-class technology together with the reimagined user experience, reach, and influence of Betr’s distribution channels will be a powerful force in the market. This partnership features many of the best elements of the rapidly increasing convergence of sports, media, and technology and we are excited to be in the center of it.”

Betr has raised $50 million in funding from renowned institutional and strategic investors and some of the most influential athletes, celebrities, and sports team owners including 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. Betr closed a $30M Series A led by Florida Funders earlier this year in what was the largest investment in Florida Funders history. The Series A was oversubscribed, so the company raised an additional $20M Series A1 led by Aliya Capital Partners and Fuel Venture Capital, with its initial closing last quarter and its final closing scheduled for this quarter.

“Florida Funders saw a massive opportunity in a nascent market where the legacy players have not been strong from product, technology, and cultural relevance standpoints. In addition to the market opportunity, the ability to back Joey Levy for the third time – having invested early with Joey in Simplebet and in 305 Ventures – was something we could not pass up on. In addition to Jake Paul, Joey has surrounded himself with great people, including Alex Ursa and Mike Denevi. We could not be more excited about the future of Betr – and are thrilled to be on this journey as this team changes sports betting and sports media in the US,” Saxon Baum at Florida Funders said.

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Fourth Star Launches Immersive Media Streaming Platform

Published

4 hours ago

January 30, 2025

Adrienn Sarkany

Fourth Star, the cutting-edge virtual reality immersive media streaming platform, is officially available to the public. This innovative platform transforms traditional entertainment by enabling users to seamlessly watch standard 2D, 180 and 360 immersive media content and movies. Fourth Star redefines how audiences engage with immersive storytelling, offering an unparalleled first-person centric perspective on entertainment.

“Fourth Star is more than just a platform – it’s a revolution in entertainment,” said Greg Simon, Co-Founder & CEO of Fourth Star. “We’ve created an immersive experience where users can not only consume content but also actively participate in it. Our vision is to transform how people experience media content and movies in a way that has never been done before.”

A New Era of Interactive Entertainment

The largest immersive media streaming platform available on Sidequest, users can explore nearly forty unique environments, interact with AI-driven crew, and experience entertainment in an entirely new way. Fourth Star offers a groundbreaking approach to digital engagement, whether socializing in the Cafe, customizing avatars in private Apartments or Ships, or stepping directly into a movie’s storyline.

“The combination of VR, AI, and blockchain in Fourth Star sets a new standard for immersive entertainment,” said Craig Wiltshire, CTO of Fourth Star. “Our vision is to seamlessly integrate all three technologies into the user experience. We are redefining the entertainment experience from passive observation to active creation.”

Built for Content Partners

Fourth Star is a self-serve platform designed for content partners of all sizes, from individual creators to blockbuster studios. Content partners can set up an account, create content channels, and begin monetizing their work immediately. No integration is required, allowing for seamless onboarding and instant access to a global audience. The Creator Portal empowers partners to distribute and profit from their immersive media with ease, making Fourth Star a truly open and accessible metaverse for digital entertainment.

Key Features of Fourth Star

VR Streaming Platform – Users can access nearly forty environments and own their own luxury apartments and ships all equipped with an immersive media streaming entertainment hub.
Social & Customization – Connect with others in dynamic social hubs, personalize your avatar, and invite your friends to your own luxury apartment and ship.
Player Portal – Users can access the web-based marketplace to explore content, invite friends,
Creator Portal – Set up an account, create content channels, and begin monetizing your work immediately. No integration is required, allowing for seamless onboarding and instant access to a global audience.
Blockchain Integration – The FSTR token, built on the Polygon blockchain, powers the ecosystem, providing secure transactions and exclusive rewards.
AI-Powered Companions – Coming soon

FSTR: The Utility Token Powering Fourth Star

FSTR serves as the primary ecosystem currency within the Fourth Star platform, enabling users to purchase Apartments, Ships, AI Companions, and exclusive content. Token holders benefit from:

VIP Access – Exclusive events, early screenings, and red carpet experiences.
Discounts – 25% savings on in-app purchases (IAPs) and entertainment content.

A New Paradigm in Entertainment

Fourth Star is designed to deliver the future of entertainment through merging cinematic storytelling with interactive gaming, offering:

A seamless transition from passive to interactive experiences.
A thriving community for players, creators, and investors.
Advanced AI integration for interactive AI characters.
Don’t just watch the star in the movie, become the star.

Availability and Access

Fourth Star is now live and available for users worldwide on Sidequest. Whether you’re an explorer, content creator large to small, storyteller, or entertainment enthusiast, Fourth Star provides an immersive space to experience digital entertainment like never before.

Canada

NorthStar Gaming Announces $43.4 Million Long-Term Debt Financing

Published

6 hours ago

January 30, 2025

Niji Narayan

NorthStar Gaming Holdings Inc. announced that the company has, subject to final approval of the TSX Venture Exchange, entered into a credit agreement (the “Credit Agreement”) in respect of a senior secured first lien term loan facility providing for loans in an aggregate principal amount of up to $43.4 million CAD (being the approximate equivalent of $30,000,000 USD) (the “Credit Facility”) to be made available by Beach Point Capital Management LP (“Beach Point”). Playtech plc (“Playtech”) and certain Playtech subsidiaries have agreed to provide credit support for certain obligations under the Credit Facility. The Credit Facility represents a significant milestone for NorthStar, strengthening its balance sheet and enabling the Company to continue to accelerate its growth initiatives.

“This is a pivotal moment for NorthStar, marking the largest financing in our history. This Credit Facility strengthens our balance sheet and directly supports our ability to scale operations and drive the business towards profitability with a single-minded focus. We are grateful to Beach Point Capital Management for their trust in our strategy and vision. We are also thankful for Playtech’s steadfast partnership which was instrumental in securing this funding, reinforcing their value both strategically and as a technology provider,” said Michael Moskowitz, Chair and CEO of NorthStar.

“Beach Point has deep experience investing across the gaming sector and is excited to partner with NorthStar to support their strategic initiatives. The online gaming sector has been growing rapidly, and this investment reflects our confidence in the Company’s leadership, market potential, and ability to deliver long-term sustainable growth. Likewise, we value the partnership with Playtech, who are contributing their leading technology, global reach, and strategic vision towards NorthStar’s continued success,” said Gabriel Fineberg, Managing Director at Beach Point.

The purpose of the Credit Facility is to support NorthStar’s continued growth by significantly strengthening the Company’s balance sheet. The Company will use the proceeds of loans made pursuant to the Credit Facility: (i) to repay the aggregate $9.5 million CAD principal amount (plus accrued interest) loaned to the Company by Playtech pursuant to unsecured, interest-bearing promissory notes dated April 25, 2024, September 13, 2024 and December 16, 2024; (ii) to fund an interest reserve account in respect of the Credit Facility in an amount equal to $7,000,000 CAD; (iii) for working capital and general corporate purposes; and (iv) to pay transaction costs in connection with the Credit Facility.

Latest News

HUFF N’ MORE PUFF Slot Arrives Online Exclusively at FanDuel Casino

Published

6 hours ago

January 30, 2025

Niji Narayan

FanDuel, a premier online gaming company in North America, announced the launch of Light & Wonder’s Huff N’ More Puff slot game, exclusively on FanDuel Casino. Huff N’ More Puff will be available on FanDuel Casino in New Jersey, Pennsylvania, Michigan, West Virginia, Connecticut, and Ontario beginning February 4, 2025.

The online launch of Huff N’ More Puff combines one of America’s favorite slot games with the industry’s best promotions, giving online slot lovers a top-tier experience which can only be found on FanDuel Casino. Players join the Big Bad Wolf in a quest for prizes as he huffs and puffs to blow down houses to reveal rewards and prizes for real money.

“The Huff N’ Puff family of slots is one of the most popular slot series on the casino floor, and we are excited to bring it exclusively to FanDuel Casino customers. Offering our players beloved and exclusive games is a top priority for us, and bringing Huff N’ Puff to FanDuel Casino helps us continue to grow our iGaming product while offering our players more ways to win,” said Ian O’Reilly, FanDuel Casino Product Senior Director.

Vegas Matt, FanDuel Casino’s ambassador, is ecstatic that one of the most popular slots in the world, Huff N’ More Puff, is joining FanDuel Casino’s exclusive game roster. “I have been playing the Huff N’ Puff game family on the casino floor for years, and I am so excited I will now be able to play online at FanDuel Casino. The game is virtually identical to the casino floor with one extremely exciting difference, you can buy a bonus! It’s an absolute game changer.”

“We are honored to partner with FanDuel Casino to bring the Huff N’ Puff family of slot games to the iGaming space. Creating immersive content that forges lasting connections with players is core to our DNA. The Huff N’ Puff brand represents one of our top brick-and-mortar game families and we are ecstatic to work with FanDuel Casino to bring this series to life,” said Dana Jackel, VP Commercial & US Managing Director at Light & Wonder.