Betr CEO praises pick’em product success amid active paying user surge
Co-founder Jake Paul also says his reputation is linked to Betr’s success as duo insist company can hit a $10bn valuation
Betr co-founder and CEO Joey Levy has heralded the impact of the company’s pick’em product, Betr Picks, five months after the vertical added a peer-to-peer mode.
The revamped Betr Picks was rolled out this year, prior to the NFL campaign kicking off, with Levy stating the arm is on its way for a $100m revenue run rate by the end thanks to a growing customer base.
Speaking on the 10X Capital podcast, Levy outlined how Betr was initially reluctant to expand into the DFS market until it had both laid the foundations for its online sportsbook and established itself as a leader in responsible gambling efforts among operators.
Betr Picks, which initially launched in 2023, allows users to predict over/under lines for player prop markets, with the aim of building a lineup of between two to eight players.
In September, the operator added a new peer-to-peer feature to Betr Picks which allows users to compete against each other in group mode.
Analysing its early success, Levy explained: “We hard launched Betr Picks on September 5, two days before the NFL season, and sitting here, we’re filming this on November 11, so just about two months after the launch, and this is a high eight-figure revenue run rate business.
“[The company] already possibly may end the year at beyond $100m revenue run rate, the company likely does not need any incremental capital on top of our existing balance sheet to get to profitability.”
On user engagement, Levy added: “We are exploring ways we could be opportunistic with prospective investments in paid user acquisition, particularly given we’ve been able to maintain efficiency, despite increasing spend modestly week over week, and we’re just about to crack the six-figure mark for active paying users, despite launching this just about two months ago.”
Meanwhile, appearing on the same podcast, Levy’s Betr co-founder and social media star Jake Paul shed light on the culture within the company and how he feels personally responsible for its success, as well as its financial ambitions.
“I’m going to go at it 1,000% and give it my best effort every single day, day in and day out, and do everything I possibly can to ensure this company’s success on a minute-to-minute, second-to-second basis,” Paul declared.
“That’s the attitude Joey has, and that’s the attitude of the team that we’ve built has. This is do or die.
“At the end of the day, a lot of this company’s successes – my reputation is on the line here, right? And I think Joey shares that as well. So, we will make this company a $10bn company and I stand on that.”
He went on to reveal how that sense of responsibility is shared by other Betr members, as Paul added: “This is people’s lives within the company. It’s my life, it’s Joey’s life.
“I think that’s one of the only ways to really have a breakthrough, dominant company in this space, which is very difficult and very intense. There’s big players involved, there are licensing regulations.
“We have to eat, breathe, and sleep this. I think since the first, early hires, that was just the culture, and now it’s permeated throughout the rest of the company, and this is everyone’s lives.”