Betr awarded Virginia online sports betting license as company continues US expansion
The company Monday did not announce a Virginia launch timeline. Virginia joins up to as many as a dozen states Betr is looking to go live in this year.
“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 Joey Levy, Founder and CEO of Betr, in a statement. “This is an important milestone for us and we can’t wait to bring our differentiated product experience to sports fans throughout Virginia.”
First launch details
Betr’s Ohio launch was the quickest turnaround from a company’s founding to accepting its first real-money bets among any licensed sports betting operator in US history, according to the release.
In Ohio, the average bettor wagered more than 25 times, with 91% of bettors betting multiple times, according to Betr. More than 50% of users bet at least 10 times and 13% bet at least 50 times.
Betr’s platform, which doesn’t offer traditional moneyline, totals or spread bets, is targeting first-time bettors. Many of the platform’s bets are centered on player props, such as odds on a baseball player hitting a home run during their next at bat, for example.
In January, Betr generated just over $1m in handle, 14th among the 16 live Ohio sportsbooks. That amounted to roughly 0.1% of the state’s handle that month.The company was one of just two sportsbooks (along with Caesars) that generated more in revenue than it paid out in free bets or other promotions.
Instead of competing with major handle market share leaders, Betr is looking to capture a narrower market of non-traditional sports bettors company officials have said. Much of the company’s marketing is centered around internet celebrity and boxer Jake Paul, a co-founder of Betr.
Since publicly launching in August 2022, Betr has grown its aggregate following to more than 1m while generating over 750m impressions and 45m engagements across its social channels, according to a release.
In Massachusetts, Betr will look to find a path around many of the major US sports betting leaders, including several with deep ties to the state.
FanDuel, the US market leader by gross gaming revenue, as well as Boston-based DraftKings are both set to start taking bets in the state March 10. MGM (BetMGM), Wynn (WynnBet) and Penn Entertainment (Barstool Sportsbook) all operate casinos in the state and are also expected to start taking mobile bets later this week. Caesars has also announced plans to take bets beginning March 10, and Bally Bet as well as the coming Fanatics sportsbook are also expected to go live in the state later this year.
Virginia presents an even more crowded market.
FanDuel, DraftKings, BetMGM and Caesars, which combined have more than 80% of the US sports betting market share by handle, are all live. So too is European gaming giant bet365, as well as other national brands including PointsBet, BetRivers, Unibet, WynnBet and Barstool.
Betr is also applying for licensure in Indiana and Maryland with more set to follow this year, company officials have said.