E21: Jake Paul and Joey Levy of Betr on How to Build a $100 Billion Company
Nov 16, 2023
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Jake Paul and Joey Levy, co-founder of Betr, talk about the sports betting industry and building a $100 billion company. They discuss their early experiences in Silicon Valley, their ambitious goals, the role of psychedelics in success, marketing and controversy, the importance of alignment in partnership, and their strong commitment and ambition.
Jake Paul attributes his success in boxing to self-belief, extreme dedication, surrounding himself with the best people, and being a disruptor in the sport at the right time.
Betr's unique approach to customer acquisition focuses on brand awareness and affinity, significantly reducing marketing expenses while developing a loyal customer base.
Deep dives
The Success Story of Jake Paul in Boxing and Business
In this podcast episode, Jake Paul discusses his journey from being a teenager fascinated by the startup challenges in Silicon Valley to becoming an elite boxer. He attributes his success in boxing to self-belief, extreme dedication, surrounding himself with the best people, and being a disruptor in the sport at the right time. Despite partying and celebrating victories, Paul remains focused on his ultimate goal of becoming a world champion. Additionally, he shares his desire to build a billion-dollar sports gaming company, inspired by the challenges and achievements he observed in the startup world.
The Marketing Strategy Behind Better's Success
The founders of Better explain their unique approach to customer acquisition, leveraging media and original content to significantly reduce marketing expenses. By focusing on brand awareness and brand affinity, they have been able to lower customer acquisition costs and develop a loyal customer base. This strategy, combined with their ambition and complementary skill sets, has contributed to Better's rapid growth and high revenue run rate. Their goal is to create a dominant company in the sports gaming industry and expand to other verticals in the future.
The Vision and Potential of Better as a Gaming Company
Better aims to design sports gaming experiences that are simple, intuitive, and appealing to casual sports fans. They recognize the untapped market opportunity among the 100 million gambling age sports fans who are not currently engaged. By prioritizing user-friendly interfaces and innovative products like Better Picks, they have already achieved high revenue and user growth. With a focus on scalability and pursuing new verticals, Better envisions becoming a billion-dollar company and potentially reaching a valuation of 10 to 100 billion dollars.
Jake Paul and Joey Levy, co-founder of Betr, sit down with David Weisburd to discuss the sports betting industry and how to build a $100 billion company. We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans.
(0:00) Episode Preview
(1:29) Mike Brown’s, Head Coach of the Kings, thoughts on Jake Paul
(1:59) The importance of self belief
(3:12) What drives Jake Paul?
(4:50) Living life like it’s monopoly
(7:06) Jake’s views on psychedelics
(8:38) “Good news travels fast, bad news travels faster”
(10:28) Why Joey chose to partner with Jake
(11:05) Joey’s experience with founding Simplebet
(11:29) Aligning ambitions and incentives
(13:06) The benefits of a 50/50 partnership
(13:50) Episode Sponsor: Bidav Insurance Group
(14:57) The interpersonal dynamics of being co-founders
(16:06) The Betr tattoos
(18:02) The market gap that Betr is filling
(19:03) Creating a more intuitive sports betting platform
(19:55) Capturing the casual sports fan
(21:56) Why high marketing costs hurt current incumbents and how Betr capitalizes on the inefficiencies
(25:54) “Betr is first and foremost a gaming business”
(26:47) Digging in to Betr’s financials
(29:33) Betr’s path to being a $100 billion company
(31:41) What drives Joey Levy?
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