For Joey Levy, March came in like a lion on an atypically hectic first week of the month.
Last Wednesday, Levy appeared on an All-Star panel in Manhattan where industry power players offered predictions on the future of the sports betting industry over the next decade. Levy, a co-founder and CEO of Betr, made the appearance approximately an hour after the sports betting start-up announced a new round of financing that valued the company at $375 million.
In an effort to constrain customer acquisition costs, Betr has mostly eschewed costly promotions that sunk numerous mid-tier operators over the last year. While Betr appears to be more focused on long-term growth, the strategy has hampered its market share in recent months. For instance, Betr had a market share of less than 0.1% in Massachusetts before pulling out of the Bay State last month.
Levy barely had time to digest the financing round when Mike Tyson announced plans a day later to fight Jake Paul this July. Paul, a YouTube influencer and actor, co-founded Betr with Levy in Aug. 2022. For top sports betting executives, life moves fast in the C-suite. Levy and others have to adjust quickly when an opponent comes at them with a right hook-uppercut combo.