Posted on: September 6, 2023, 10:02h.
Last updated on: September 6, 2023, 10:02h.
The Betr Sportsbook officially launches in Virginia, making it their third entry into a sports betting state this year. The company previously debuted in Ohio and Massachusetts.
Betr Holdings, Inc., founded last year by sports betting exec Joey Levy and social media celebrity turned professional boxer Jake Paul, states that the Betr Sportsbook Virginia launch will be its final debut of the year.
“We are thrilled to continue expanding our online sports betting business by launching in Virginia just in time for the NFL season,” said Levy. “The state has a dynamic fan base across both collegiate and professional sports and we are excited to introduce our differentiated product experience to this market.”
Betr is developing a new online sportsbook platform called “V1 Sportsbook,” with the current app being referred to as V0. The company plans to enter additional markets in 2024 with the launch of its updated sportsbook app.
“Virginia will be the final state where we launch V0 of the Betr Sportsbook, before rolling out our V1 Sportsbook product in existing and new states next year,” explained Levy.
Betr was founded on the principle of introducing microbetting, or small in-game wagers, to the US sports betting industry. Microbetting helps keep bettors engaged even during one-sided games.
But now, Betr is expanding its Sportsbook to include more traditional sportsbook lines such as outrights, spreads, and over/under point totals. The Betr Sportsbook V1 will provide increased betting opportunities for bettors in the three states where it is currently available.
The Virginia Lottery, which oversees sports betting in the state, approved Betr’s sportsbook application in March.
Betr has implemented strong safeguards to limit excessive gambling. For customers aged 21 to 25, the company enforces mandatory deposit limits. These customers can only deposit a maximum of $2,500 per month until they turn 26.
Fantasy Sports Proving Ground
In addition to its sports betting business, Betr offers Betr Picks, a fantasy sports-based “pick ’em” product. Betr Picks allows players to assemble an eight-player roster and compete against other Betr Picks customers in daily fantasy sports. Betr Picks is currently available in 24 states.
Betr is likely using its Betr Picks operations to fulfill suitability requirements in legal sports betting states it plans to enter next year. This strategy has been previously employed by DFS giants DraftKings and FanDuel, which shifted their focus to sports betting and iGaming in 2018.
By demonstrating a successful history of DFS operations to state gaming regulators, Betr aims to alleviate regulatory concerns as it pursues additional sports betting licenses.
While most states view fantasy sports as a game of skill and exempt them from regulatory oversight, some states, like Virginia, require DFS companies to apply for fantasy sports licenses. In Virginia, these licenses are issued by the Department of Agriculture and Consumer Services’ Office of Charitable and Regulatory Programs.