Betr Sportsbook Enters Virginia Market: Third State for Online Sports Betting Company
Betr Sportsbook has officially launched in Virginia, marking its third entry into the sports betting market after being available in Ohio and Massachusetts earlier this year. Betr Holdings, the company behind the betting platform, was founded by sports betting executive Joey Levy and professional boxer turned social media celebrity Jake Paul.
Levy said, "We're excited to expand our online sports betting business further by launching in Virginia right before the NFL season. Virginia's fan base is very diverse, with both college and professional sports enthusiasts, and we can't wait to share our unique betting experience with this market."
In the near future, Betr will debut its new online sportsbook platform called "V1 Sportsbook". The current wagering app is internally referred to as "V0". After upgrading the sportsbook app, Betr plans to explore further market entries in 2024.
Levy further explained, "Virginia will be the final state for the V0 version of Betr Sportsbook before launching our V1 Sportsbook in new and existing states next year."
Microbetting Meets Traditional Betting
Betr was created with the belief that microbetting - small wagers on in-game outcomes - was lacking in the US sports betting scene. Microbetting keeps bettors interested even when a game is one-sided.
However, Levy and Paul decided to diversify the Betr Sportsbook to include more conventional sportsbook options like outrights, spreads, and point totals. The upcoming V1 Sportsbook will provide bettors in the three states where the platform is operational with more betting choices.
The Virginia Lottery, the regulatory body in the state, approved Betr's sportsbook application in March.
Betr has implemented one of the strongest safeguards in the industry to prevent excessive gambling. For consumers between the ages of 21 and 25, the company has set a maximum deposit limit of $2,500 per month. This limit will remain until the customer turns 26.
Fantasy Sports Product Line
Betr's other business venture, Betr Picks, is a fantasy sports-driven "pick 'em" product. This platform lets players create an eight-player squad that competes against other Betr Picks users in a daily fantasy sports setting. Betr Picks is available in 24 states.
Likely, Betr wants to leverage its Betr Picks operations to meet the suitability requirements of states they're planning to enter in 2024. Major DFS companies like DraftKings and FanDuel, which have transitioned to sports betting and iGaming since 2018, followed a similar approach.
Since most states consider fantasy sports an activity that requires skill, the apps and websites don't fall under the purview of state gaming authorities. However, some states, including Virginia, require DFS firms to apply for a fantasy sports license. Virginia's Department of Agriculture and Consumer Services issues these licenses.
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