Betr, a Miami-based newcomer to the US sports betting market, has announced its plans to withdraw from the Massachusetts sports betting arena by the end of 2024. Co-founded by online gambling entrepreneur Joey Levy and social media personality and boxer Jake Paul, Betr entered the Massachusetts market with high hopes but failed to meet expectations, citing lackluster performance as the primary reason behind its forthcoming departure.
The company obtained a temporary license from the Massachusetts Gaming Commission in Spring 2023 but struggled to gain traction. Despite its innovative approach to sports betting, which emphasizes micro-betting and real-time wagering, Betr found itself at the bottom of the pack. Over the course of seven months in 2023, Betr’s handle barely surpassed $2 million, with revenue amounting to a mere $148,058 and market share languishing below 0.1%.
Levy expressed gratitude to the MGC for their partnership during the temporary license period and left the door open for a potential return in the future. Betr’s exit from Massachusetts highlights the challenges faced by smaller players in the competitive US sports betting landscape, where industry giants like DraftKings dominate market share. DraftKings has commanded nearly half of the market in Massachusetts since the launch of online sports betting in March 2023, leaving little room for competitors to thrive.
Betr’s departure also raises questions about the viability of its micro-betting model in certain markets. However, the company remains optimistic about its prospects in other jurisdictions, with plans to launch its V1 Sportsbook ahead of the 2024 NFL season and introduce Betr Casino in Pennsylvania. Levy specified that the company aims to establish a robust groundwork for four distinct business divisions, encompassing Betr Sportsbook, Betr Casino, Betr Fantasy, and Betr Media by the conclusion of the year.
Despite the disappointment in Massachusetts, Betr is forging ahead with expansion plans in states like Indiana, Maryland, Colorado, and Kentucky, buoyed by recent market access deals. The company aims to capitalize on its success in fantasy sports and establish itself as a formidable player in the US gaming industry.