Betr Granted Virginia Sports Betting License

The Old Dominion is spicing up its sports betting offerings.

Betr, the microbetting app co-founded by Jake Paul, has secured a license to operate in the Virginia sports betting market. This makes Virginia the third state to approve the platform, with the Virginia lottery granting Betr a mobile sports wagering license. Betr CEO Joey Levy took to Twitter to share the exciting news and celebrate the company’s accomplishments.

The app was approved on March 5, finalizing the acquisition of the Golden Nugget sports betting license that DraftKings had relinquished after acquiring Golden Nugget Online Gaming last year. Although no specific launch date has been announced, Betr confirmed that its real-money betting app will soon be introduced to the Virginia sports betting market and will be accessible to both iOS and Android users in the state.

The company is set to become the 16th mobile sportsbook to enter the Virginia market, where the existing 15 sportsbooks have collectively amassed over $8.6 billion in total handle since their launch in January 2021. In the past four months, the Commonwealth’s market has seen a total of $2 billion in accepted wagers, including $513.2 million in bets placed in January alone.

According to a spokesperson from the Virginia Lottery, Betr is probably asserting its claim to the final sports betting license in Virginia. However, another license could become available if a professional sports team relocates to the state and forms a partnership with a sportsbook.

Betr’s debut in Ohio

Ohio sports betting has had a strong start since its launch on January 1, with Betr highlighting its own successful entry into the market.

The Ohio mobile sports betting activation by the company has been dubbed the quickest launch from inception to a fully licensed and regulated real-money sportsbook in US history. Despite modest numbers in its initial month of operation in Ohio, Betr exceeded its internal targets for both users and revenue, and even achieved a small profit.

According to the Ohio Casino Control Commission, Betr processed approximately $1.1 million in bets in January, resulting in revenue of $106,439. Despite this being a small portion of the total $1 billion wagered in the state during its first month, Betr views its launch as successful due to the fact that the average user placed over 25 bets. Additionally, the company observed that 91% of users placed multiple bets and 13% made 50 or more wagers.

Betr delays launch in MA

Massachusetts launched its legal online sports betting marketplace on March 10, with six top sports betting apps already accepting bets.

Betr, despite being granted a license by the Massachusetts Gaming Commission (MGC), was not one of the initial operators to open. The company announced during the MGC’s March 8 meeting that it would miss the market’s launch.

Levy recently shared on Twitter that the company’s entrance into MA online sports betting is expected in April, to ensure all preparations are completed before going live. He anticipates being the seventh operator to launch in the Bay State, competing with Bally Bet and Fanatics, who have also delayed their respective MA online sports betting launches to possibly May.

Levy is gearing up to launch in two new US sports betting markets and is prepared to continue its slow and deliberate state-by-state rollout of real money sports betting. They are focused on verifying their model of low-to-no customer acquisition cost, high user engagement, and a community-driven approach that sets them apart from other operators in the industry.

Betr may not surpass market leader FanDuel in total handle dominance, but its success in Ohio suggests it has the potential to excel in its own niche.