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Jake Paul Launches Sports 'Microbetting' Venture

Jake Paul, who turned from YouTuber to boxer, has $ 50 million to launch a new sports gambling platform called Betr. We have secured venture capital.

Paul said on Monday that Betr will focus on two businesses: so-called micro-betting and the production of original sports content. With micro-bet, sports fans bet that something will happen during the game, rather than betting on the final result. 

"I wasn't interested in sports betting until I was introduced to micro betting," Paul said in a statement. "Micro betting is a TikTok version of sports betting and we are excited to offer it to the masses through Betr."

Paul also has a weekly sports show. Said to start.

The $ 50 million investment was raised from professional athletes such as NFL players Ezekiel Elliott and DeSean Jackson, as well as traditional venture capital funds such as Aliya Capital Partners and FinSight Ventures. Bettle also receives financial support from co-owners of the Boston Celtics and the Miami Marlins, the company said.

Paul is teaming up with Miami gambling entrepreneur Joey Levy and Betr. Post to Medium on his blog . Levy said he remembered trying to bet on sports using offshore sports books in 2014 and found the process confusing. He said Betr's gambling app is simple and intuitive. 

"Jake has become one of the most searched public figures in the world on Google and is now one of the most paid athletes in the world," Levy posted. Said in. "And he's probably the smartest marketing mind I've ever encountered."

Paul previewed a new sports show on YouTube's live webcast on Monday, with celebrity guests and celebrity guests on the show. He said a famous athlete will appear. The company didn't give details about when Paul would release his future episode.

Betr launched at a time when more and more states were legalizing gambling in online sports. The state decided after the 2018 Supreme Court ruling invalidated federal law prohibiting gambling in soccer, basketball, baseball and other sports. We started legalizing online sports betting three years ago. 

States where sports betting is currently legal report millions of dollars in VAT revenue, according to the Game Association data. As of May, 30 states across the United States have legalized online sports betting.

The world of online sports gambling is already crowded with well-established companies such as DraftKings, Funduel and Caesars Sportsbook. All of these companies have made millions of dollars in recent years. 

Christopher J. Brooks

Christopher J .Brooks is a CBS MoneyWatch reporter covering business, consumer and financial stories, from economic inequality and housing issues to bankruptcy and sports businesses.

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