Betr Adds Traditional Sports Betting Markets as Startup Prepares to Expand
Posted on: March 15, 2023, 11:17h.
Last updated on: March 15, 2023, 12:37h.
Betr is ready to expand.
The US-based startup that launched in Ohio in January and focused solely on in-game markets, also known as micro-betting, announced Wednesday afternoon that it will begin offering moneyline, point spread, and totals markets on games. Those markets will be available before and during games.
In a statement to Casino.org, Betr co-Founder and CEO Joey Levy said the company focused on micro-betting first to expedite its launch in Ohio and establish a brand identity of not being a cookie-cutter operator in the industry.
Now that we have done this successfully, we are putting Betr on a path to establishing betting market coverage product parity with incumbent operators, which will include the gradual and methodical integrations and launches of core markets, parlays, props, and many of the other betting experiences consumers can find elsewhere,” he said.
Levy added the new markets will be provided by Simplebet, another micro-betting venture he also helped establish. It will be the first time Simplebet has provided those wagering opportunities to a sportsbook.
The move to offer more traditional betting markets isn’t a surprise. In an interview with Casino.org last October, Levy mentioned the company planned to “layer in” other offerings.
In January, the Ohio Casino Control Commission reported Betr accepted about $1.1 million in wagers. While that was a small portion of the $1.1 billion in total handle, the Levy-Paul startup was one of only two operators that had revenues exceed the promotional gaming credits its bettors used.
Since its launch in Ohio, Betr has found its average customer has made more than 25 bets on the app, with more than 90% making multiple wagers.
No Juice Markets on NCAA Tournament Games
Betr is a $50 million startup established by Levy and Jake Paul last August. In addition to the focus on micro-betting, the company has also focused its customer acquisition and retention strategy by targeting casual sports fans through unique content distributed through its social media channels.
From a betting perspective, Betr has focused on offering markets in baseball, basketball, and football.
To mark the transition into more traditional sports betting markets, Betr also announced that it will offer 0% margins on all pre-market opportunities for all NCAA Men’s Basketball Tournament games.
While play-in games started Tuesday and continue Wednesday, the tournament begins in earnest shortly after noon ET on Thursday, with 32 opening-round games taking place through Thursday night.
The NCAA Tournament, nicknamed March Madness, is one of the most popular sports betting events in the US. Earlier this week, the American Gaming Association released a study indicating 68 million American adults plan to wager on tournament games or enter a bracket contest.
Betr Set to Expand Into Other States
Betr’s announcement to offer pregame bets and in-game moneylines, totals, and point spreads comes just a week after the Virginia Lottery Board approved the company for a sports betting license in that state.
It also has been approved for an online license in Massachusetts. The Bay State allowed operators to launch there last week, but Levy said the company will hold off on unveiling the app there for the time being.
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