Betty, an Ontario online casino designed to cater to female players, raised $5 million in pre-Series A funding led by CEAS Investments. This cash injection comes as the operator prepares for its upcoming Series A round. The casino already raised $7 million in venture capital funding in 2023.
The online casino was licensed by the Alcohol and Gaming Commission of Ontario (AGCO) in January 2023. With headquarters based in New York, the casino operator created a unique niche in the online casino market by focusing on female gamers.
“Betty has successfully implemented best practices from the most successful mobile gaming franchises into the real money iCasino market. We have seen firsthand how these strategies can supercharge user growth and revenues,” said Salim Mitha, Managing Partner at Powerhouse Capital and former EVP at Playtika.
“Betty has a clear vision and plan to differentiate themselves in the market by prioritizing female online slot players and by building an in-house platform,” said Robin Reed, Managing Partner at HappyHour. “It’s a privilege to support their growth, both in terms of capital and product expertise, and we look forward to continuing on this exciting path together.”
Since its launch in February 2023, Betty Casino has experienced impressive growth in Ontario, Canada’s largest province, boasting an eight-figure net revenue run rate growing at 30% month-over-month. Betty’s strategy for 2024 involves expanding its user base, enhancing live operations, and upgrading its exclusive proprietary platform.
Investors include Powerhouse Capital, an LA-based investment fund that has previously invested in gambling giant FanDuel and major online sports publication The Athletic; and HappyHour, a specialist iGaming venture fund that has invested in B2B micro betting provider Kero Sports and Livespins.
Venture capital fund Gaingels, which specializes in investments in companies with LGBTQIA+/ally ownership, has also participated in the funding.
“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,” a spokesperson for the fund said in 2023.
“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 2023 press release, announcing it had secured $5 million in funding.
Betty identified that many online casino players who enjoy slots, especially women, feel neglected by traditional sportsbook-based brands. To address this issue, Betty’s goal is to make the igaming experience more entertaining and enjoyable for these players by building a welcoming and secure social environment.