Sports betting license obtained by Betr from Virginia Lottery
Hey there! Exciting news in the world of sports betting:
Betr has bagged itself a mobile sports wagering license in good ol' Virginia, making it the third state to do so. This platform, co-founded by the boxing star and social media sensation, Jake Paul, is already in the game in Massachusetts and Ohio sports betting markets and is all set to go live this Friday in Massachusetts, joining a plentiful multi-operator sportsbook launch.
"We're super stoked to be getting the green light for our sports betting license in Virginia," said Joey Levy, co-founder and CEO of Betr, "It's a significant step for us, and we can't wait to offer our out-of-the-box user experience to sports enthusiasts across Virginia."
Betr ain't spillin' the beans on when they'll be available in Virginia other than assuring fans they'll soon be able to download their real money betting app. They also have a market access to Indiana via Caesars Southern Indiana, but they're yet to be licensed by the Indiana Gaming Commission.
Virginia has been raking in the dough since it launched its mobile sports betting market in January 2021, with over $8.6 billion in handle to date. The Old Dominion's accepted wagers have exceeded $500 million every month since, with a whopping $513.2 million in bets made to kick off 2023.
A promising start in Ohio
Betr's Ohio debut was a modest one, with a handle of $1.1 million and revenue of $106,000. However, the Buckeye State was a mega battleground for mobile operators, leading to a staggering promotional spend totaling $320 million. The company awarded just over $95,000 in promotional credits, but they didn't spend a dime on traditional advertising during the launch, which helped them post a tiny profit and surpass user and revenue forecasts.
The average user made more than 25 bets in January, with 91% of users returning and 13% of users going all-in with 50 or more bets.
Now, that's what I call a spin on the betting wheel! Stay tuned for more updates on Betr's advancements in the sports betting world.
Consumers in Virginia can soon enjoy the unique sports-betting experience provided by Betr, as they have secured a mobile sports wagering license, joining the sports betting market in Virginia. The platform, co-founded by boxing star and social media sensation, Jake Paul, aims to offer its innovative user experience to sports enthusiasts across Virginia.
