Betr Holdings, Inc. (“Betr”) has successfully secured $15 million in a new round of strategic equity financing, raising its company valuation to $375 million and the total capital amassed to $100 million. The financing was led jointly by Harmony Partners and 10x Capital, receiving robust support from Betr’s three major existing investors: Fuel Venture Capital, Aliya Capital Partners, and Roger Ehrenberg/Eberg Capital, among other participants. This financial milestone follows Betr’s notably prosperous year in 2023, marked by substantial growth in both its user base and revenue streams, achieved both efficiently and profitably.
In a strategic move to expand its market presence, Betr has recently unveiled plans to extend the reach of its Online Sportsbook product across multiple states including Pennsylvania, Ohio, Virginia, Indiana, Colorado, and Kentucky. Additionally, it’s on the brink of introducing a Casino product, pending necessary regulatory nods, with iGaming market access already secured in Pennsylvania. Recent weeks have also seen Betr being granted a temporary sports wagering license by the Indiana Gaming Commission, signaling further expansion.
On the organizational front, Betr has bolstered its executive team with the addition of Dan Maas as Head of Media Revenue, Partnerships, and Strategy, and Andrew Winchell as Head of Government Affairs. Maas, previously with Wave Sports & Entertainment, has a proven track record in developing and monetizing successful franchises and will spearhead Betr Media’s revenue strategies. Winchell, coming from a tenure at FanDuel, will leverage his extensive experience in regulatory affairs to enhance Betr’s governmental and regulatory strategies as the company eyes further growth and new market entries.
Joey Levy, Betr’s Founder and CEO, expressed excitement over the strategic equity financing, the addition of new executive talent, and the recent regulatory approval in Indiana. “Our ability to attract significant capital from leading investors so early in our journey underscores the team’s performance and Betr’s potential to redefine the industry,” Levy stated. He also extended his gratitude to the Indiana Gaming Commission for their sports wagering license, emphasizing Betr’s commitment to responsible gaming standards as they prepare to launch their Sportsbook product in Indiana.
Harmony Partners, led by Mark Lotke, and 10x Capital, helmed by Hans Thomas and David Weisburd, bring a wealth of experience and a track record of investing in groundbreaking companies. Weisburd, reflecting on the investment, compared Betr’s early-stage promise to that of DraftKings, highlighting Betr’s significant market potential and growth opportunities ahead.
