Betr, a sports betting startup backed by social media star Jake Paul, has hired Miami Marlins general counsel Ashwin Krishnan as head of legal.
Krishnan, who worked for the Marlins since 2010, became general counsel in 2017 after the franchise was sold for $1.2 billion to an investor group led by venture capitalist Bruce Sherman and former New York Yankees star Derek Jeter, who stepped down as chief executive officer for the Marlins in February.
Krishnan’s switch to Betr comes after the micro-betting company announced a $50 million Series A fundraising round led by Aliya Capital Partners, Florida Funders, and Fuel Venture Capital. He started Aug. 1, a Betr spokesman said.
Betr marks the latest sports betting endeavor by Paul, a YouTube personality whose venture fund last year led another $30 million fundraising by Simplebet Inc. A team of lawyers from Covington & Burling advised Betr on its most recent fundraising.
Paul, who is backing Betr with gaming industry veteran and Simplebet co-founder Joey Levy, told TMZ Sports the startup could one day be a “billion-dollar company.”
Celebrities such as rapper Travis Scott and former National Football League players Dez Bryant and Richard Sherman are also investing in Betr, Bloomberg reported.
The Miami-based company, formerly known as InstaBet, is structured into media and betting units. The gaming component allows users to place real-time bets on individual moments in sports games, rather than final outcomes. Betr’s investors include Roger Ehrenberg, a co-owner of Major League Baseball’s Marlins.
The company announced this month a betting partnership with the Hall of Fame Resort & Entertainment Co., an entertainment, media, and real estate outfit affiliated with the Pro Football Hall of Fame in Canton, Ohio.
Caroline O’Connor, president of the Marlins, said in an email that the club has a “strong internal team” now led by associate counsel Benjamin Lash.
“We will continue to evaluate this department during the coming months,” she said.
Lash, a former law clerk for the NFL, joined the Marlins in October after working as an associate at Cahill Gordon & Reindel in New York.
The Marlins also employ staff counsel Amanda Bethel, who took on her current role last year following the departure of former team associate general counsel Stephanie Galvin, who is now a director of business and legal affairs for stadium services provider Legends Hospitality Management LLC.