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Front Office Sports

Aug. 10, 2022, 12:21 p.m. EDT

Jake Paul raises $50 million for sports micro-betting startup

By Owen Poindexter

Jake Paul is leveraging his notoriety to break into sports betting.

The influencer and boxer helped  raise  a  $50 million  Series A funding round for his new sports betting and media company,  Betr . The company will target young sports fans with a focus on micro-betting — bets placed on an isolated event within a game or match.

“Micro-betting is the  TikTok-ification of sports betting , and I am excited to bring it to the masses through Betr,” said Paul.

  • The funding round is being led by Florida Funders, Aliya Capital Partners, and Fuel Venture Capital.

  • The round also received investment from retired NFL stars  Richard Sherman  and  Dez Bryant , co-owners of the San Francisco 49ers, Boston Celtics, and Miami Marlins, Simplebet, Magic City Casino, and Stronach Group.  

  • Betr’s CEO Joey Levy, co-founder of Simplebet, will helm the betting side, while Paul will run the company’s media division. 

  • Last year, Paul’s Anti Fund and former UFC executive Nakisa Bidarian  led  a  $30 million  round in Simplebet, which also focuses on micro-betting. 

Paul, 25, said he’s been paid millions to promote sportsbooks.

“They need the influencers,” he said. “Now it’s our turn to  take over from the dinosaurs .”

Big-Money Boxing

Paul  earned   $45 million  over 12 months for his 2021 boxing matches and other ventures, per Forbes.

He told Front Office Sports that he actually earned “about  $10 million more  than that,” adding, “a lot of times I get paid for sponsorships in Ethereum, so it fluctuates.”

Read the original article on FrontOfficeSports.com.

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