“We are thrilled to launch our real money betting business at Betr in Ohio,” said Joey Levy, Founder and CEO of Betr, in a statement. “This launch marks the beginning of our gradual, methodical approach to state-by-state expansion where we will take the time necessary to discover and validate product-market-fit of our highly differentiated product experience to ensure we scale in a profitable manner.”
Betr brings new betting options
Betr officials have stressed they are not hoping to challenge market share leaders such as FanDuel, DraftKings, BetMGM and Caesars. Conversely, the company is hoping to attract a new type of bettor through a product it believes will differentiate itself from any other US sportsbook.
Instead of “traditional” bets such as moneylines or totals, Betr will exclusively offer wagers on player props; one example in company marketing material is an array of odds for the results of New York Yankee star Aaron Judge’s next at-bat.
Betr’s interface presents bets more like “multiple choice questions” with odds displayed in payout multiples instead of standard American odds, according to a release.
This structure allows bettors to predict the “outcomes of every moment of every sporting event,” according to a company statement. More specifically, this will include NBA possessions, NFL drives and “every at-bat” for MLB games, with more leagues already available and additional events set to come.Levy and co-founder Jake Paul, an internet personality and celebrity boxer, has said this approach breaks down barriers to entry for new bettors. Betr stakeholders say the rapid nature of developing bet types offered in the mobile product will specifically appeal to younger bettors, further expanding the company’s total addressable market.
Ohio set to springboard national expansion
Ohio is the first of what could be more than 30 state launches, according to Betr officials.Levy has said publicly he hopes to bring Betr to every potential legal US sports betting market. During a Massachusetts regulatory hearing earlier in the week, Levy reaffirmed the company’s “methodical” expansion approach but said Betr looks to have multiple additional state launches in the coming months.
Along with Massachusetts, Betr is undergoing licensure review in Maryland, Indiana and Virginia. More than 30 states currently offer some form of legal sports betting, though not all of them will allow additional operators.
Betr already has a free-to-play offering in every state except Washington and Nevada, both of which have restrictions on such games. Betr also plans to launch a daily fantasy offering as well as an iCasino product in the coming 12-to-18 months.