Professional boxer and former YouTube personality Jake Paul is hoping to bring his social media expertise to the sportsbook market with a brand new platform.
"It's sort of the TikTok-ification of sports betting," Paul, who’s the founder and president of Betr, told FOX Business’ Stuart Varney on Tuesday. "Now what we're going to be doing is taking over the younger generation of sports fans and introducing them to a product that's easier to understand."
On "Varney & Co.," Paul, along with Betr CEO Joey Levy discussed the more than 100 investors backing the first ever micro-betting, real-time sportsbook.
"We have some amazing investors: Florida Funders, Roger Ehrenberg, Aliya Capital, Travis Scott," Paul listed. Other notable firms include 8vc and co-owners of the San Francisco 49ers, Boston Celtics, and Miami Marlins, according to their press release.
"We consider ourselves to be the world's first micro-betting app," Levy added. "So you're betting on the individual moments of a U.S. sporting event."
The Betr duo raised $50 million to launch the product, which will initially include sports betting for NFL, NBA, MLB and NCAA football and basketball games.
Paul explained how he never actively participated in sportsbooks until recently after being introduced to micro-betting.
"It made the whole entire game fun, betting on every single play versus just waiting four hours for the match outcome," Paul said. "And I think what makes our product better is simplifying the betting experience, because my generation... They don't really care about sports betting because it's so hard to get involved in, and it's not intuitive, it's not native, there's no community around it, there's no social conversation around it."
The Miami-based Betr is currently still developing the release of its beta app, which interested users can sign up for early access, according to its website.
"[We’re] super grateful for a combination of institutional support and strategic trust," Levy noted.