Online casino company Betty raises $5M during seed round to fund its Ontario launch

Betty, a New York-headquartered entertainment company operating on the intersection of real money online casino and casual mobile gaming, announced Tuesday it has raised a $5 million seed round led by Karlani Capital. 

Participants in the round also include CEAS Investments, Courtside Ventures, Gaingels, OCA Ventures Subversive Capital, and 305 Ventures. Betty had previously raised a $1.8 million pre-seed in March 2022.

The company says it has identified a large audience of casual iCasino customers, particularly women slot players, who are “underserved” by existing brands which, at their core, are sportsbooks. 

Betty’s mission is to maximize the entertainment value of iCasino for these casual players by creating an environment that is safe, social, and inclusive,” the brand said in a press release. 

Gaingels, an LGBTQIA+/Allies private investment syndicate, commented: “Sports betting and casinos have historically been marketed to men. In reality, women make up more than half of the market. We love Betty’s mission to make the category more inclusive.”

The proceeds of the round will fund Betty’s operations in Ontario. Betty was issued a gaming license by the Alcohol and Gaming Commission of Ontario on January 24.

The company anticipates a soft launch in February followed by a full-scale go-to-market in Q2. The seed funding will also go towards the continued development of Betty’s proprietary iCasino platform, which is tailor-made for the North American customer.

Betty’s founding team previously built a US sports betting media platform, QL Gaming Group (acquired by Audacy), and collectively have 50+ years of iCasino tech experience, according to a statement.