Betr announced Monday it has been granted a mobile sports wagering license by the Virginia Lottery, making Virginia the third state to approve the microbetting platform.
Betr, which was co-founded by social-media-star-turned-boxer Jake Paul, is also currently licensed in Ohio and Massachusetts. It was one of two mobile platforms to post a positive net revenue in January when including promotional spend during Ohio’s monstrous mobile launch and plans to go live Friday in Massachusetts as part of another multiple mobile sportsbook launch.
“We’re thrilled to receive approval for our sports betting license in Virginia, and appreciate the seamless work with the Virginia Lottery Board to bring our product to customers in Virginia,” said Joey Levy, co-founder and CEO of Betr, in a statement. “This is an important milestone for us and we can’t wait to bring our differentiated product experience to sports fans throughout Virginia.”
Betr did not specify a launch date in the Old Dominion other than stating its real money betting app will be available to users “soon.” Betr also has market access to Indiana via Caesars Southern Indiana but has yet to be licensed by the Indiana Gaming Commission.
Betr will be the 16th online wagering platform in Virginia, which has generated more than $8.6 billion handle since launching in January 2021. It has crossed $500 million in accepted wagers each of the last four months, with $513.2 million in bets made to kick off 2023.
A positive launch in Ohio for the upstart
Betr had modest numbers in Ohio for its launch, generating $1.1 million handle and $106,000 in revenue.
But because the Buckeye State was a valued battleground for mobile operators, the promotional spend was staggering, as credits from operators totaled $320 million. Betr awarded slightly more than $95,000 in promotional credits according to figures released by the Ohio Casino Control Commission, but the company pointed out in its release it did not have any paid material advertising during the launch. That allowed Betr to turn a small profit as it surpassed user and revenue forecasts.
The company also noted the average user made more than 25 wagers in January, with 91% of users betting multiple times and 13% of users making 50 or more wagers.