YouTube star Jake Paul is to launch a new sports betting app called Betr after securing $50 million in funding from venture capital. Paul said that the app will focus on producing original sports content and micro-betting which is all about predicting events during play rather than the final result.
Simple and Intuitive
One of the main goals for Betr is to produce a simple and intuitive way to place bets. Miami gambling entrepreneur Joey Levy has teamed up with Paul and recalled a time when he tried to place a bet on an offshore site but found the interface and process confusing.
“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.” The idea of micro-betting has been described as the “TikTokification of the sports betting market with the idea of introducing an experience closer to instant-gratification than what is considered normal.
Jake Paul added:
“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. 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.”
This launch comes at a time when 30 states have now legalised sports betting following the 2018 Supreme Court ruling that struck down a federal law banning gambling on sports. Good timing, for sure, but the competition will still be stiff.
The likes of DraftKings, FanDuel and Caesars Sportsbook are well-established already and will fight hard to maintain dominance in the industry.
Paul and Levy do have plenty of support, though. NFL players Ezekiel Elliott and DeSean Jackson and the owners of the Boston Celtics and Miami Marlins have joined the venture capitalists in pledging funds for the fledgling outfit after seeing how good Jake Paul is at self-promotion.
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