Gold99 | Unlocking New Horizons: Betr Secures $15M Funding and Expands Market Reach
Miami-based Betr, the rising star in the sports wagering realm, has successfully raised an additional $15 million in its latest funding round. This milestone elevates the total funds accumulated by Betr to an impressive $100 million. Harmony Partners and 10x Capital spearheaded this funding endeavor, joined by esteemed existing investors such as Fuel Venture Capital, Aliya Capital Partners, and Roger Ehrenberg/Eberg Capital.
In tandem with this financial triumph, Betr unveiled its strategic market expansion for the Online Sportsbook product. The company has secured market access in key states, including Pennsylvania, Ohio, Virginia, Indiana, Colorado, and Kentucky. Moreover, Betr is on the verge of launching its Casino product pending regulatory approval, with secured iGaming market access in Pennsylvania. Notably, the Indiana Gaming Commission recently granted Betr its temporary sports wagering license, solidifying its presence in the dynamic Indiana market.
This surge of developments follows Betr’s strategic decision to exit the Massachusetts sports wagering market. Stay tuned to Gold99 for continuous updates on Betr’s innovative ventures and its dynamic footprint in the ever-evolving sports wagering landscape.
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Betr’s Strategic Prowess: Mastering the Art of Capital Acquisition
In a relatively short period, Betr has emerged as a formidable player in the domestic sports wagering arena, showcasing remarkable proficiency in securing capital and attracting prominent investors. Over the past two years, the company has navigated the funding landscape with finesse, drawing support from well-known industry figures.
Before the recent funding announcement, Betr’s last capital raise was the A2 round in June, where it successfully garnered $35 million at a premoney valuation of $300 million. Led by Roger Ehrenberg through IA Sports Ventures and Eberg Capital, along with Fuel Venture Capital, this round saw Fuel Venture doubling its investments in Betr to $20 million, contributing $10 million.
Noteworthy investors in Betr have previously played integral roles in the success of prominent internet firms. 10X Capital, an early investor in DraftKings, expressed confidence in Betr’s potential. David Weisburd, cofounder and head of Venture Capital at 10x Capital, stated, “We believe that Betr has the product, management, and market opportunity that we saw in DraftKings in its early days, with a significantly larger Total Addressable Market (TAM) and room for growth today.” Stay tuned to Gold99 for continuous updates on Betr’s strategic financial maneuvers and its trajectory of growth.
Strive Gaming Secures Funding: OpenBet Joins Forces for U.S. Market Dominance
In a significant development, Vancouver-based Strive Gaming, a leading player account management analytics provider, successfully raised an undisclosed sum from OpenBet. This marks OpenBet’s inaugural investment since its 2022 acquisition by Endeavor Group Holdings, Inc., following its divestiture from Light & Wonder (NASDAQ: LNW).
As a result of this funding round, OpenBet now holds a minority interest in Strive, alongside participation from Astralis Capital Management, Knutsson Holdings AB, and Betsson. The strategic alliance between Strive Gaming’s future-proofed Player Account Management (PAM) solution for the U.S. market and OpenBet’s high standards aims to offer U.S. operators a fully integrated turnkey proposition, fostering responsible betting experiences.
OpenBet CEO Jordan Levin expressed enthusiasm about the collaboration, stating, “With the strength of Strive Gaming’s PAM as a future-proofed solution for the U.S. market, combined with OpenBet’s high standards, we can offer U.S. operators a fully integrated turnkey proposition that will fuel responsible betting experiences. This new partnership sparks a new chapter in our history.” Stay tuned to Gold99 for continued coverage of groundbreaking developments in the gaming financing landscape.
