Betr announced Thursday it has reached an agreement with the Eastern Band of Cherokee Indians to enter the sports wagering space in Indiana via Caesars Southern Indiana in Elizabeth.
The deal, which is primarily equity-based, according to the press release from Betr, will make EBCI Holdings one of the largest stakeholders in the microbetting company. It also provides Betr the potential to enter additional states where EBCI Holdings has properties. Betr previously reached a similar type of equity agreement with the Hall of Fame Resort & Entertainment Company to enter Ohio, which will launch sports wagering Jan. 1.
“We are thrilled to be working with Caesars Southern Indiana and EBCI Holdings to bring Betr to the Hoosier State,” said Joey Levy, founder and CEO of Betr. “Market access is one of the primary expenses that comes with launching a regulated sports betting business in the U.S., so we have been focused on aligning ourselves with partners who buy into our vision and are willing to take equity in lieu of cash for access. We are thrilled to announce this partnership and we are grateful for the opportunity to undergo the licensing process with the Indiana Gaming Commission.”
Betr launched in August under leadership of Levy — the co-founder of SimpleBet — and Jake Paul, one of the country’s biggest social media influencers. The pair raised $50 million in funding, with $30 million coming in an initial round of Series A funding and an additional $20 million in a Series A1 round after the Series A was oversubscribed.
Paul, who has more than 70 million subscribers across his social media platforms, improved to 6-0 as a boxer after defeating former UFC champion Anderson Silva by unanimous decision in an eight-round fight Saturday night.
Mobile skin at last for Caesars Southern Indiana
Jake Paul knocks down Anderson Silva pic.twitter.com/GhQ2V7BFpE
— Dexerto (@Dexerto) October 30, 2022
Caesars Southern Indiana is currently the only casino in the state without a mobile skin, as there are 15 mobile options for Indiana bettors. EBCI acquired the property in 2021 from Eldorado Resorts, which was directed by the Indiana Gaming Commission in July 2020 to divest three properties in the state as a condition for approval of its $17 billion merger with Caesars.
Microbetting is still a nascent market in the United States as standard in-game wagering is slowly gaining a foothold. As technology continues to evolve in the sports betting space, the goal is to lessen operator latency in offering markets that could come as rapidly as the next singular event — a pitch in baseball, a play in football, a possession in basketball — during the course of a game.
Caesars Southern Indiana is a short drive from Louisville and less than two hours from Lexington, offering Betr the opportunity to tap into a Kentucky market that lacks legal sports betting. The venue’s retail sportsbook — which was part of a $90 million makeover of the property in 2019 — has generated close to $19.8 million handle for the first nine months of 2022, up 22.8% compared to the same period in 2021. It is also less than $200,000 shy of matching its 2021 revenue total of $2.5 million.
“Our partnership with Betr will deliver a fresh, dynamic new way of betting to thousands of sports fans in our area. It’s a thrilling new way to engage with live sports,” said Brad Seigel, general manager of Caesars Southern Indiana. “With Betr’s microbetting focus combined with Betr’s smart take on sports media led by boxing star Jake Paul, we believe Betr will be a fun new option for sports fans throughout Indiana and will appeal to mass market consumers.”
