Jake Paul makes his golden induction into the Sports Betting Hall of Fame with a new “microbetting” company called Betr. With operations based in Miami, one of the nation’s most populous gaming hotspots, the project is expected to be a notable success.
Jake Paul ups the ante
Paul excitedly introduced the app earlier this week. He begins by saying:
“Microbets are the TikTok vification of sports betting and I look forward to bringing it to the masses through Betr… We aim 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 .”
Social media mogul Jake Paul is anything but shy when it comes to trend hopping. The ex-Disney star’s viral infamy has allowed him to pursue almost every venture under the stars. From marketing to music to YouTube bellicoses, he’s done it all.
However, Paul has calmed down since the early days of his celebrity status. In recent years he has focused on the sport niche and developed a career in professional boxing.
Still, it’s the fine line between Gen Z nihilism and millennial brother debauchery that makes this sportsbook so brand loyal to Paul. And where better to express these feelings than in the Sunshine State?
Subject Off with support
Those familiar with the complex mechanics of domestic sports betting operations know that launching such an ambitious endeavor is no easy feat.
But don’t be fooled – this quasi-sportsbook service has been a long time coming and Paul seems well prepared for what lies ahead.
In addition to receiving $50 million in financial backing from some of the world’s most influential names in athletics, the entrepreneur has selected a team of experienced industry professionals to advise.
Paul’s closest collaborator on this project is sports betting software veteran Joey Levy. As the co-founder of Simplebet, Levy brings a keen sense of experience as well as the literal tools needed to launch the betting app.
The businessman-turned-boxer has also enlisted the help of Mike Denevi, naming the former Bleacher Report personality as media chief.
The group has not yet announced a launch schedule. But since Paul has already put most of his pieces together, we expect it to arrive soon. After all, the social media star is well acquainted with the fast and unforgiving cycle of virality.
Filling the hole in Florida
Paul’s Betr project is brilliant in that it fills a gap in the market. Florida’s sports betting fans have lost access to state-regulated sports betting gambling twice in the past year and will likely not see the arrival of big sports betting until 2024.
However, locals got a sneak peek at the sweet life with the Hard Rock Sportsbook last November. Unfortunately, this privilege was quickly revoked due to legal issues with the Seminole tribe.
Though domestic sports betting has yet to be legalized in the Sunshine State, Jake Paul’s Betr app offers a limited form of bookmaking that could allow the company to circumvent Florida’s complicated gambling laws.
Unlike betting on match outcomes, “micro betting” focuses on real-time events during a specific game, similar to the live betting features you see at other legitimate online sportsbooks. A key difference is that this will be the main focus of Betr rather than an additional feature.
Currently, Florida sports bettors have access to legal mobile betting apps offered by International Sportsbook, while previously launched state-regulated betting apps are suspended pending the outcome of an appeal by the Seminole Tribe.
Legal Sportsbook Strategizing
The strategy seems to mirror that of sportsbooks like DraftKings and FanDuel, who focused on fantasy sports until the nation turned a corner on domestic betting.
By the time states like Florida gain access to full-fledged sports betting, Betr will already have the footprint and finances to get involved. Paul puts it this way:
“We’re in this for the long term and we’re focused on doing things right. We are licensed state-by-state, adhering to each state’s legal framework while promoting important consumer protections and responsible gaming.”
Jake Paul isn’t the first celebrity to show interest or get involved with the legit sports betting industry. Nonetheless, this project is the first of its kind.
And I, for one, am very excited to see what comes next.
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Source: The Hollywood Reporter