Betr Applies for Online Sports Betting License in Ohio, According to Records
Posted on: August 9, 2022, 01:16h.
Last updated on: August 9, 2022, 03:34h.
Ohio will be the first state Betr will venture into. This was revealed just one day after Jake Paul and Joey Levy announced their new sports wagering company that focuses on micro-betting.
Information from Florida Funders — a venture capital firm involved in the $50 million investment in the startup — and the state of Ohio shows that Betr initially started as Instabet.
Under Instabet, the company filed for a license (see image below) to operate as a mobile management services provider (MMSP) in Ohio on July 15. That was the deadline for most MMSPs to apply to the Ohio Casino Control Commission (OCCC) and be able to launch for certain on Jan. 1, 2023, if state officials approve their application.
Instabet is also the name of a Mexico City-based online sports betting operator that focuses on the Latin American region. Its website states it does not accept wagers from the US.
It’s unclear if there’s any connection between Instabet and Miami-based Betr, or if there were any discussions between the companies.
In a press release announcing its launch, Betr said it had market access agreements in place in several states and would announce those soon. A message to Betr representatives was not immediately returned on Tuesday.
What is Betr?
On its website, Florida Funders called Levy and Paul’s company the first business-to-consumer “sports betting company focused on unbundling micro-betting.” Micro-betting is the name some in the gaming industry have given to in-game sports betting opportunities that focus on the outcome of a specific play or possession.
This will solve the industry’s user experience problem, enabling the mass market of ~150M sports fans in the US to participate in micro-betting,” Florida Funders description states. “Instabet will be the consumer company, product, and brand associated with simple, intuitive, instant gratification-rooted sports betting user experiences.”
Among those who participated in the investment rounds were several NFL players, rapper Travis Scott, and individuals who own stakes in the San Francisco 49ers, Boston Celtics, and Miami Marlins.
Florida Funders also noted that the company “received a favorable technology license” from Simplebet, which Levy helped establish as a B2B micro-betting venture four years ago.
In a post on Medium Monday explaining why he launched Betr with Paul, Levy said sports betting has not changed much since the Supreme Court’s repeal of The Professional and Amateur Sports Protection Act of 1992 (PASPA) opened the door to all states to license and regulate the product. He noted that DraftKings has offered products developed by Simplebet. However, it’s just a feature, and not part of a standalone product.
If we are to believe that micro-betting will be the predominant way people bet on sports in the US, then someone should launch the world’s first micro-betting focused app,” Levy said. “This is why we are starting Betr.”
Besides the sports betting operation, Betr will also include a media division and will produce original content. That includes a weekly streaming show by Paul, a noted social media influencer and professional boxer. Paul, a Cleveland native, can reach more than 70 million people through various social media platforms, with many of his followers in the Gen Z demographic. The oldest members of that population are just now reaching the age to bet on sports legally.
21 Online Sports Betting Operators Apply in Ohio
Betr is one of 21 companies that have filed for online sports betting licenses in Ohio. According to the state law, online operators must partner with an Ohio business, and preference is given to the state’s casinos, racinos, and professional sports teams.
Betr’s partner is the HOF Village, a multipurpose development complex in Canton built around the Pro Football Hall of Fame.
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