Florida-based entrepreneur Joey Levy adheres to the philosophy that providing an optimal customer experience is paramount to any company's success.
Levy has used this belief as the foundation for a company that many maintain will revolutionize the sports betting industry.
Sports Betting Industry Overview
Sports betting has always been a multi-million-dollar industry. As the activity has continued to gain legal status across the United States, it has attracted many aspiring businesspeople and establishments who are capitalizing on it.
Traditionally, sports gamblers could only play the odds on full athletic contests or other major categories such as point spreads, money lines, and the over/under bet on whether the outcome of an event (usually the combined score of a sports game) will be above or below a number established in advance by the bookmaker.
While satisfying to some, success often involves possessing significant knowledge of specific teams, players, and game conditions, in addition to how potentially complicated topics like money lines and point spreads work.
Moreover, wagerers had to wait until after a game was completed before knowing whether they lost the money they invested or gained an appreciable amount more.
As a student of the industry and sports tech entrepreneur, Levy grew cognizant of the fact that sports betting could sometimes be confusing, cumbersome, and often failed to provide the instant excitement and gratification participants seek.
In an attempt to address these pitfalls, Levy co-founded Simplebet in 2018. Simplebet developed the underlying technology for gambling apps to offer its users micro-betting, which means placing wagers on specific events occurring during a given contest.
For example, Simplebet technology enabled gambling on individual at-bats during a baseball game, taking their chances surmising whether the batter will strike out, hit a home run, garner a walk, and so on. Football betting enthusiasts might wager on how specific drives will materialize.
This increases the opportunity for wagerers to win money and renders the overall betting experience more exciting because it can be performed at any time during the competition.
Despite his successes at Simplebet, Levy remained committed to continually improving the micro-betting user experience. This inspired him to launch Betr.
Founded earlier this year by Levy and renowned internet sports influencer and boxer Jake Paul, Betr will be the first company to focus primarily on micro-betting using advanced, easy-to-understand technology accessible from an app that can be downloaded into a user's phone or comparable mobile device.
In this episode of Skin in the Game VC, Tom Wallace talks with Levy on what it took to get to where they are today and what the future has in store.
At Florida Funders, we believe that entrepreneurs are game changers and that the companies they envision, create and build make the world a better place.Our Skin in the Game VC podcast features some of the most exciting entrepreneurs, investors and community builders in tech.