Covington Advises Betr on $50M in Equity Financing

LOS ANGELES/NEW YORK/PALO ALTO—Covington advised Betr, a direct-to-consumer sports micro-betting company and new media venture, on $50 million in Preferred equity financings from investors that include Florida Funders, 8vc, Aliya Capital Partners, and Fuel Venture Capital.

Betr is the first direct-to-consumer sports betting company to focus predominantly on micro-betting, which creates continuous in-game wagering opportunities for the sports better by making discrete aspects of each game - such as pitches and at-bats of baseball games and plays and drives of football games – into separate betting opportunities.

The Covington team advising Betr on these financings included Tom DeFilipps, Adrian Perry, Christen Sewell, Mark Donig, Max Sternberg, and Caterina Benson.