What is Microbetting When it Applies to Sports Betting? Jake Paul's New Sportsbook Betr
YouTube influencer and boxer Jake Paul announced Monday his new sportsbook venture that will utilize micro-betting.
It's called Betr and the new company hopes to be a disruptive force in the legal sports wagering scene.
Micro-betting is described as the "TikTok-ification of sports betting" whereby individuals can place the tiniest of wagers on such things in real time as pitches & at-bats of baseball games and plays & drives of football games.
It's a concept you might have read about here on Gambling911.com as it applies to the BSV blockchain technology.
With no limit on the size of the blocks able to be processed on its platform, Bitcoin SV is the only blockchain that effectively serves as a fast and cost-effective payments rail. With an unlimited number of transactions able to be processed with each block, Bitcoin SV can keep transactions moving at a low-fixed rate of just fractions of a cent, while ensuring swift settlement with each new block added to the chain.
The functionalities of Bitcoin SV not only enable it to serve as a payment rail in the traditional sense, but also opens up new possibilities for businesses through micropayments. By paring down transaction fees to fractions of a cent, payments as small as a few cents become viable, establishing a new digital economy in which whole new avenues of monetization are available to businesses.
Betr will initially launch in all 50 U.S. states as a free-to-play website.
Paul's business partner in the venture, Joey Levy, is the co-founder of Simplebet, the B2B technology company that has pioneered micro-betting on U.S. sports by building the machine learning and automation infrastructure to enable this new form of betting to exist at scale.
Simplebet claims to "turn every moment of every sporting event into a betting opportunity. Automatic. Algorithmic. And for the very first time."
"I co-founded Simplebet to simplify the sports betting user experience – to reconsider why sports betting products felt uninterpretable to the casual fan who had never bet on sports before," said Levy, Founder and CEO of Betr. "In doing so, we discovered that the technology required to enable a scalable micro-betting platform around the moments that drive U.S. sports did not yet exist, given the global market's focus was on soccer, a fluid sport without a natural start and stop cadence. So we decided to build it ourselves at Simplebet; however, years later, the user experience remains unintuitive for a mass market consumer."
Betr will be based down the street from the Gambling911.com headquarters of Miami Beach. The company recently closed a $30 million Series A led by Florida Funders and it raised an additional $20 million Series A1 led by Aliya Capital Partners and Fuel Venture Capital that is scheduled to close this quarter.
Those who are helping to fund Betr include the likes of Travis Scott, Ezekiel Elliott, Dez Bryant, Richard Sherman and DeSean Jackson.
Paul, who has 70 million followers on social media and is one of the most searched public figures on Google. His fights have drawn massive traffic to the Gambling911.com website.
"I wasn't into sports betting until I was introduced to micro-betting," said Jake Paul, Founder and President of Betr. "Micro-betting is the TikTok-ification of sports betting and I am excited to bring it to the masses through Betr. We are in this for the long haul and are focused on doing things the right way. We are getting licensed state-by-state, adhering to each state's regulatory framework while advocating for important consumer protections and responsible gambling. We want to be the category defining consumer company in both sports betting and sports media by the end of the decade and are confident we will achieve that goal."
"We're thrilled to be Betr's technology partner, powering unique in-play betting experiences centered around micro-betting and transforming the way consumers engage and wager on sports," said Simplebet CEO Chris Bevilacqua. "The combination of our best-in-class technology together with the reimagined user experience, reach, and influence of Betr's distribution channels will be a powerful force in the market. This partnership features many of the best elements of the rapidly increasing convergence of sports, media, and technology and we are excited to be in the center of it."
- Chris Costigan, Gambling911.com Publisher
