Betr, the online sports betting platform co-founded by Jake Paul and Joey Levy, has received initial approval for a sports betting license from the Maryland Lottery. The company must still gain approval from the state’s Sports Wagering Application Review Commission and one final nod from the Lottery before launching in Maryland.
Depending on the speed of approvals, Betr could become the first Maryland online operator to launch in 2024. ESPN BET and Fanatics Sportsbook were the notable Maryland newcomers in 2023.
At the start of the year, Betr left Massachusetts as part of its expansion plan. In Massachusetts, Betr held less than 1% of the market share.
Betr Sportsbook currently operates in Virginia and Ohio, with additional plans to launch in Colorado, Kentucky, Indiana, and Pennsylvania.
Lots of Betting Options in Maryland
Betr faces stiff competition from established sportsbooks as it prepares to launch in the Old Line State
The state is now home to 13 retail sportsbooks and 11 sports betting apps, including major industry players DraftKings and FanDuel, and one local sportsbook in Crab Sports.
DraftKings and FanDuel have dominated the state’s online sports betting market since its start in November of 2022. Queen Sportsbook, Bally’s, and Veterans Services Corp. have all been awarded licenses to operate mobile sportsbooks in Maryland, but none of the three have launched.
Upon approval in Maryland, Betr will enter a thriving market. By the end of March, Maryland’s sports betting handle for the 2024 fiscal year doubled year-over-year, exceeding $4 billion. While this development is a significant milestone for Betr, it remains to be seen how the company will fare in a competitive market.
What Is Microbetting?
What’s unique about Betr is that the operator specializes in micro-betting.
Microbetting allows you to place wagers on specific events within a game or match, rather than betting on the overall outcome. For instance, you can bet on individual actions like a particular player scoring next or the outcome of a specific play during the game.
The complexity of microbetting varies, with some operators offering simple Yes/No propositions, while others provide more intricate options like 3-way markets (e.g., Hit, Out, or Walk/HBP). In football, betting on the result of an upcoming drive is common, and in basketball, the ‘make or miss’ free throw proposition is often available.
Betr Finances Biggest Concern Amongst Commissioners
During the approval process, lottery commissioners discussed Betr’s financial troubles. John Mooney, the managing director of the regulatory oversight division, described the company’s early financial performance as “poor” after the firm reported a net loss of approximately $32 million in 2023.
Betr responded by explaining its improved financials in 2024 and expressing its expectation of profitability in 2025. The company also cited backing from funding sources. In March, Betr announced securing $15 million in strategic equity financing, valuing the company at $375 million.
Although Commissioner Harold Hodges raised concerns about Betr’s finances and voted against granting a license, there was sufficient support among commissioners to continue the license approval process.
Calculators
