Betr Receives Virginia Sports Betting License, Delays Massachusetts Start

Posted on: March 12, 2023, 01:30h. 

Last updated on: March 12, 2023, 01:30h.

Steve Bittenbender Read More
Expertise: Legislation, Sports Betting, Horse Racing.

Betr this past week announced the Virginia Lottery Board approved the microbetting-focused startup for a license in the Mid-Atlantic state.

Levy
Joey Levy, left, and Jake Paul show off their matching tattoos with the Betr logo. This past week, the Virginia Lottery Board approved the sports betting start up for licensure. (Image: Joey Levy/Medium)

There’s no official date for the operator to launch in Virginia, although the company’s announcement said it would become available soon.

“We’re thrilled to receive approval for our sports betting license in Virginia, and appreciate the seamless work with the Virginia Lottery Board to bring our product to customers in Virginia,” said Betr CEO  and co-Founder Joey Levy “This is an important milestone for us and we can’t wait to bring our differentiated product experience to sports fans throughout Virginia.”

Levy, who also was a founder of Simplebet, cofounded Betr with Jake Paul last August. At the time, they announced raising $50 million in funding from a combination of venture capital firms, sports franchise owners, entertainers, and former athletes.

Besides starting off offering strictly microbetting, or in-game, markets, Betr is also seeking to stand out from other sports betting operators by using social media to engage the casual sports fans it’s trying to target.

In addition, Betr has announced it would not accept any deposits via credit cards, and that bettors aged 21-25 would face deposit limits. Both of those moves, the company said, are efforts to promote responsible gaming practices.

Holding Off in Massachusetts

Betr launched in Ohio in January and received approval for an online sports betting license in Massachusetts.

Massachusetts allowed online operators to launch their apps starting Friday. While Betr could have gone live at the start, Levy issued a statement online explaining why they’re waiting until next month.

Our priority is always to provide the best possible experience for our prospective customers, so we want to ensure we have all of our ducks in a row before going live,” he said. “We will still likely be the 7th operator to launch in Massachusetts, which we are proud of, particularly given our size and scale.”

Launching in April would still allow Betr to capitalize on most of the MLB season and offer odds on action during the NBA playoffs.

Betr Says Ohio Start Exceeded Expectations

According to the Ohio Casino Control Commission, Betr posted a handle of $1.1 million. That ranked 14th out of the 16 online operators in the Buckeye State. While the handle was a small portion of the $1.1 billion wagered in the state, it also did not formally launch in Ohio until the middle of the month.

In its release regarding the Virginia license, Betr noted that it exceeded both user and revenue forecasts for the month. It and Caesars were also the only ones to post a January revenue total that also exceeded the promotional gaming credits its clients utilized.

The company also announced that Betr’s average user placed more than 25 bets in January. More than 9-in-10 made multiple wagers, with more than half of its consumer base making 10 or more wagers and 13% making 50 or more.