Miami-based microbetting-first app Betr has been approved to take its sports wagering operations to Virginia. The state’s Lottery Board greenlighted the brand’s mobile sports betting license on Monday, the Jake Paul-backed company announced.
Betr said its real-money wagering app will be added to the Virginia sports betting mix “soon” for iOS and Android users in the commonwealth.
Betr founder and CEO Joey Levy said in a press release: “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.”
“This is an important milestone for us and we can’t wait to bring our differentiated product experience to sports fans throughout Virginia,” he added.
Betr will become the 16th online wagering platform in the State of Virginia, which has generated more than $8.6 billion handle since launching in January 2021. It has crossed $500 million in accepted wagers each of the last four months, with $513.2 million in bets made to kick off 2023.
Betr was founded in 2022 by Simplebet co-founder Joey Levy and social media star and boxer Jake Paul. The Virginia license is Betr’s third after receiving similar approvals in Massachusetts and Ohio.
Betr launched in Ohio on January 1 and is poised to start taking action in Massachusetts sometime this week, when mobile sports betting begins in the state. According to the brand, the Ohio launch was “a success.” The state’s Casino Control Commission reported the company handled about $1.1 million in bets during January and generated revenue of $106,439.
“The company surpassed its user and revenue forecast for January despite no material paid advertising, as the company saw strong user conversion from its media business and other organic channels,” Betr said in its press release.
The company also noted the average user made more than 25 wagers in January, with 91% of users betting multiple times and 13% of users making 50 or more wagers. Betr also has market access to Indiana via Caesars Southern Indiana but has yet to be licensed by the Indiana Gaming Commission.
Original article: https://www.yogonet.com/international/news/2023/03/07/66348-jake-paul-39s-microbetting-app-betr-gets-license-to-launch-in-virginia
