Betr to ban credit card betting and enforce deposit limits for those under 25
Betr will ban the use of credit card gambling and impose deposit limits for younger users as the micro-betting start-up looks to ramp up its responsible gambling efforts.
At G2E in Las Vegas yesterday, Betr co-founder and CEO Joey Levy said the company would become the first US operator to ban credit card deposits for funding customer accounts.
Credit card gambling is already banned in the UK, but it is widely used as a deposit and wagering method across leading US operators at present.
The mobile-led disruptor will also enforce deposit limits for users that are between 21 and 25 years old, although the cap has not yet been specified.
— Jake Paul (@jakepaul) October 10, 2022
“Sports betting should be about enhancing the way the mass market fan consumes and interacts with sports,” wrote Levy on Twitter and LinkedIn.
“The experience should be like going to the movies and paying $20 for two hours of entertainment. Watching a live game and spending $20 on Betr to make that game more entertaining.
“We will win by becoming the primary app folks use to enhance the way they watch sports. As sports betting proliferates nationwide, we have a responsibility as leaders to get this right,” he added.
Betr CEO Joey Levy: “The experience should be like going to the moves and paying $20 for two hours of entertainment.”
Betr made an instant impact when it launched in August alongside a $50m funding round and explosive marketing campaign led by co-founder and influencer Jake Paul.
The company is targeting a recreational betting audience of young, casual sports fans and will not chase high value VIP customers.
It also hopes to achieve far lower acquisition costs than many of its US competitors through social media marketing and by leveraging its high-profile partnership with Paul.