Miami-based newcomer to the US sports betting market, Betr, has announced its plan to withdraw from the Massachusetts sports betting arena by the end of 2024. Despite high hopes upon entering the Massachusetts market, Betr, co-founded by online gambling entrepreneur Joey Levy and social media personality and boxer Jake Paul, struggled to gain traction. The company cited lackluster performance as the primary reason for its forthcoming departure.
After obtaining a temporary license from the Massachusetts Gaming Commission in Spring 2023, Betr’s performance fell short of expectations. Despite its innovative approach to sports betting, which emphasized micro-betting and real-time wagering, the company struggled to make an impact. Over the course of seven months, 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, stating, “We hope to receive the honor and privilege of reentering this market at a later date.”
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. The departure also raises questions about the viability of Betr’s micro-betting model in certain markets. Despite the setback in Massachusetts, Betr remains optimistic about its prospects in other jurisdictions, with recent market access deals in states like Pennsylvania, Colorado, and Kentucky.
The company aims to launch its V1 Sportsbook ahead of the 2024 NFL season and introduce Betr Casino in Pennsylvania, leveraging its success in fantasy sports to establish itself as a formidable player in the US gaming industry. Levy specified that Betr 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.