Jake Paul – the wrestler, boxer and YouTube star – is now a sports-betting mogul. The viral sensation launched Miami-based micro-sports-betting company Betr earlier this week. Jake Paul wants to TikTok-ify sports betting with Betr.
Unfortunately, Betr is not an option for gamblers in the Sunshine State since Florida sports betting remains illegal. A court ruling on sports betting is expected in early 2023.
Betr has the backing of $50 million from various high-profile backers like venture capital firm Florida Funders. Rapper Travis Scott and Dallas Cowboys running back Ezekiel Elliott are also investors. Florida Funders exec Saxon Baum said in a press release that his firm is confident in its investment.
“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. 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 U.S.”
Betr has already inked a deal with Ohio-based Hall of Fame Village. That means it may launch in The Buckeye State when sports betting goes live on Jan. 1.
Jake Paul wants to TikTok-ify sports betting with Betr
What makes Betr an interesting option compared to big-name platforms like FanDuel and DraftKings is micro-betting. This relatively new form of sports wagering allows players to make bets on specific moments in a competition. It could be a single pitch, an at-bat, or plays and drives in an NFL game.
Betr believes that micro-betting is the future of sports betting in the US. The stop-and-start cadence of the country’s most popular sports allows bettors to make a wager on the next play.
Paul said micro-betting is what drew him into sports betting. He believes it could lead to the “TikTok-ification” of the industry.
“Micro-betting is the TikTok-ification of sports betting, and I am excited to bring it to the masses through Betr. 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.”
Paul to incorporate media arm into company strategy
Betr has launched a media company to pair with its sports-betting platform, a savvy move considering Paul has 70 million social media followers. The company’s first endeavor is a new podcast called “BS w/Jake Paul.” The franchise will feature Paul and his celebrity friends discussing sports and sports betting. According to the release:
“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.”
Pairing sports betting with a Paul-led series of premium content is Betr’s way of keeping its brand culturally relevant, Betr CEO Joey Levy said. He pointed out that the pairing should give the company “billions of dollars’ worth of free marketing.”
What does Betr mean for Florida sports betting?
At the moment, not much. Because sports betting is illegal in Florida, Betr isn’t an option in The Sunshine State. However, the company’s launch is significant.
- It’s a high-profile company pushing a form of betting that could be the flagship of a new generation of sports bettors.
- It’s based in a city flush with cash that is, in many ways, the opposite of old-money cities like New York and Boston that are home to FanDuel and DraftKings.
- Its main promoter is a Gen Z legend with tens of millions of impressionable followers.
The venture is certainly a gamble, and it’s not one that Florida bettors will cash in on anytime soon. However, Betr is worth keeping an eye on as it tries to roll out in Ohio and, most likely, other states by the end of the year.