Ollie RingBetr launched with Co-Founder Jake Paul claiming: “I wasn’t into sports betting, until I was introduced to micro-betting. Micro-betting is the TikTok-ification of sports betting and I am excited to bring it to the masses through Betr.” Fast-forward mere months and the company is pivoting from its ‘exclusive’ micro-betting approach, instead branching out to add markets pre-game and broader in-play markets.
The company has announced in time for March Madness that it will be ‘allowing for pre-match and in-play betting for team to win, team to win and by how much, and over/under on total points’. Betr also claim they will provide ‘industry-best’ payouts for their bets on Betr.
What went wrong for @jakepaul against Tommy Fury? @betrcombat
(via @impaulsive) pic.twitter.com/BmnLeWHhqA
— betr (@betr) March 9, 2023
Joey Levy, CEO of Betr commented in a release: “We deliberately launched with only microbetting to 1) launch as soon as possible, enabling us to learn from and iterate our product experience according to real user data and feedback, and to 2) establish ourselves as the company, product, and brand synonymous not just with instant gratification betting, which we believe will be the future of this industry, but to also be synonymous with doing things differently and being the first direct-to-consumer operator in the category to actually differentiate its product experience in an industry dominated by commoditized product experiences,”
He added: “Now that we have done this successfully, we are putting Betr on a path to establishing betting market coverage product parity with incumbent operators, which will include the gradual and methodical integrations and launches of core markets, parlays, props, and many of the other betting experiences consumers can find elsewhere.”
Betr has thus far not set the industry on fire. It has launched only in Ohio, and although being granted a provisional license for online sports betting in Massachusetts, they announced they would not launch on launch date but instead in a few months as the mobile app was not ready. First mover advantage has proved significant in multiple states, with FanDuel and DraftKings specifically arguing that it’s imperative all brands are allowed to launch at the same time. Betr missing the launch in MA is unlikely to do the brand any favors, especially given an underwhelming performance in Ohio.
Across two weeks of wagers in Ohio after launch, Betr secured very little market share, taking approximately $1 million in handle across 14 days. March Madness should be a significant betting event in Ohio, so analysts will be keeping an eye on the Betr product to see if the deeper product attracts more betting handle. It’s clear that microbetting alone can not sustain for a sportsbook.
“I am also happy to share that this initial set of core markets will be powered by Simplebet, who has been a key technology partner to Betr to date,” Levy commented. “The core markets on Betr will be the first launch of Simplebet-powered core markets on any platform, so we are excited to be at the forefront of their innovation efforts as they continue expanding their suite of product offerings.”
Jake Paul is known through his social media presence as well as his influencer-boxing career. He was born in Ohio, but has since moved around the States including Florida and California. His boxing career started out beating AnEsonGib in Miami, Florida, where FL sports betting is not legal. Following that, he beat Nate Robinson by knockout in Los Angeles California. California’s Proposition 26 and 27 both failed at the ballot last year so CA sports betting will not arrive until 2024 at the earliest. Since then he’s beaten Tyron Woodley in Tampa, Florida and also Arizona – before finally losing recently to Tyson Fury’s younger brother, Tommy Fury.
This article was written for Business 2 Community by Ollie Ring.
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