Jake Paul-Backed Betr Sportsbook App Launches in Massachusetts
Betr, the sportsbook app with an investment from social media and boxing star Jake Paul, is now live in Massachusetts. It becomes the second state where US sports bettors can use Betr, after the app launched in Ohio in January.
Betr initially focused entirely on micro markets within games, such as each play and drive within an NFL game, or each pitch and at-bat in MLB games. However, it has gradually expanded into more traditional wager types in the four months since it launched.
“We are thrilled to launch Betr betting in Massachusetts, home of some of the world’s greatest sports franchises and fans,” said Joey Levy, Betr cofounder and CEO.
The app is now the seventh licensed sports betting option in Massachusetts, with three more scheduled to launch in the next 12 months.
Throwing Dollars at the Wall
Betr investor Jake Paul spoke to the Boston Globe ahead of the launch in the Bay State.
“When you see the amount of money that DraftKings, FanDuel, and all these companies are spending, it’s on marketing and advertising, just throwing billions of dollars at the wall to see what sticks in inauthentic brand campaigns,” Paul said. “And that’s just not the way to go about things in today’s landscape.”
The company claims to be the record-holder for fastest transition from founding to live and licensed real money betting product. It was founded in 2022 and launched in Ohio less than year later.
Betr said its app is designed with entertainment in mind, focusing on a simple and easy-to-use interface.
Traditional sportsbooks are often “uninterpretable to the mass market casual sports fan who has never bet on sports before… and that looks more like a spreadsheet than a consumer product intended to provide entertainment to customers,” the company said in its Massachusetts launch press release.
Growth and Competition
Betr faces stiff competition to break into the online sports betting market. The two leading operators Paul mentioned, DraftKings and FanDuel, hold a large percentage of the market share between them.
“We will be just the seventh operator to enter the state, only trailing FanDuel, DraftKings, BetMGM, Caesars, WynnBet, and Barstool to market. We would like to thank the Massachusetts Gaming Commission for their partnership, and we are excited to introduce Betr to the Commonwealth’s sports ecosystem,” Levy said in the same press release.
Three more sportsbooks are scheduled to launch in Massachusetts this year. Fanatics Sportsbook will start next week, BallyBet later this month, and Betway in early 2024.
Betr currently has a one-year license for operation in the state. It will need to apply for a permanent license at some point during that time.
A license renewal is expected, but by no means guaranteed, and the company has to be careful in its business dealings. In one example, Paul settled for more than $100,000 with the US Securities and Exchange Commission in March of this year over his undisclosed promotions of various cryptocurrencies.
At the end of March, Massachusetts Gaming Commission Investigations and Enforcement Director Loretta Lillios told reporters her department was still considering Paul’s role in Betr and the long-term implications.
Regardless of the ultimate outcome in Massachusetts down the line, Jake Paul and Betr hope to launch in more states this year. Indiana seems closest to “go time,” as the company has applied for a license there alongside partners Caesars and the business arm of the Eastern Band of Cherokee Indians, or EBCI Holdings.
EBCI has existing sports betting licenses in several states, so this partnership could be an efficient strategic move for Betr.