Social media influencer-turned-boxer Jake Paul’s Betr Holdings has acquired a license from Huddle Technology to build a more advanced, state-of-the-art mobile sportsbook that is set to launch before the 2024 football season.
Build Back Better
BetrPicks is a daily fantasy sports (DFS) platform operating in 24 states, while its sportsbook is currently live in beta version for users in Ohio and Virginia. However, the recent acquisition of Huddle Technology’s proprietary gaming software will allow it to launch in several more states, including Indiana, Pennsylvania, Colorado, Kentucky, and Maryland, just in time for the football season.
“We’re going to methodically roll out the sportsbook platform in a manner where we’re looking to get to profitability on a state-by-state basis, ensuring we can cover operating expenses and minimum guarantees in each of these states before expanding further,” said co-founder Joey Levy.
All-In on Innovation
The acquisition of Huddle’s technology platform will expedite and improve the user experience by incorporating many of the features and more that are found at top-rated sportsbooks, including same-game parlays, player props, in-play wagering, futures, moneylines, point spreads, and totals, as well as micro-betting, which was the company’s focal point when it was founded in 2022.
“We expect this transaction to be transformative for Betr… will be more advanced or at least on par from a sports gaming content standpoint than our competitors,” said Levy. “We now have the capability to build our own product and technology and are no longer reliant on third parties in a significant way.”
Capital Infusion
A recent round of capital funding to the tune of $15 million from Harmony Partners and 10x Capital brings Betr’s total funding to $100 million. This has allowed the company to invest in gaming technology like Huddle’s and propel the brand to compete in the fiercely competitive sports betting industry.
“Jake [Paul] and I co-founded Betr just over two years ago, so raising capital from leading growth stage investors at a US$375 million valuation in the very early days of our business is a testament to the performance of the team and business to date and the potential we have to build a category-defining business with Betr,” said Levy.
Game On
Incorporating Huddle Technology’s software will bring an elevated gaming experience, but the company also intends to separate itself from the competition by including social media and viral short-form videos on its platform, providing a unique experience to its users.
“We are thrilled to see Betr utilize our software technology to enhance their sports gaming offerings,” CEO of Huddle, Francesco Borgosano, stated. “Betr’s vision aligns perfectly with our commitment to innovation and excellence in the iGaming sector, and we look forward to supporting their growth and success in the U.S. market.”
Betr Holdings is now valued at $375 million, and the company has stated it plans to use the most recent round of capital funding to not only bolster its sports betting platform but will also use it for customer acquisition through marketing promotions and signup bonuses.
