Jake Paul, a YouTube star who has expanded his career into boxing, has further ventured into the sports sector. With the growing interest in the sports betting industry and the advent of crypto sports betting, investors have discovered a growing niche to focus their investments on. Jake Paul is also no stranger to the popular trend. He has established a new fund that will invest in the sports-related betting firm Simplebet Inc.
On Thursday, the sports gambling company announced its intent to allow customers and betting enthusiasts to place their bets on specific moments during a game. The gambling firm stated that it would be raising 30 million dollars to set up this new feature. Jake Paul’s capital fund is set to invest in Simplebet’s new venture, and the YouTube star-turned boxer’s company will join in on leading the development of this new feature.
Together with Paul’s investment, Simplebet will receive funds from UFC personality, Nakisa Bidarian a reputed sports figure who is in charge of Bavafa Sports, a company focused on talent advisory. The investments made by both Jake Paul and Nakisa Bidarian have provided Simplebet with a total amount of $80 million.
Some of the original investors of the betting company’s new feature include Starbucks Corp., tennis star Andre Agassi, Chairman Emeritus Howard Schultz, and Aristocrat. Key players who have joined the venture as board members include several prominent gaming executives, such as Jim Mureen, the former head of the International MGM Resorts.
The company’s goal is to use these funds to encourage micro-betting among a whole new pool of sports bettors. Simplebet Inc. provides in-game bets for College football, MLB, NFL, and the NBA. Leaders and managerial heads plan on launching this venture alongside more coverage on games such as soccer, ice hockey, combat sports, tennis, and golf.
Simplebet has also secured a deal with DraftKings Inc. in order to improve the availability of its products across one of the chief mobile sportsbooks in the United States. Efforts are also being made to promote deals with television networks. Promotion of the Simplebet products and their accompanying technology will be done in hopes of increasing viewers, thereby providing additional patronization for the sports betting company.