Betr Moves Closer to Maryland Launch with Initial License Approval

Share:

On May 24, 2024, the Maryland Lottery granted Betr initial approval for a sports betting license in the state.

Betr is the online sports betting operator co-founded by social media star and professional boxer Jake Paul and Joey Levy.

Continue reading more to learn about Betr’s expansion plans, as it aims to enter Maryland’s sports betting market.

Betr Approval for Maryland License

Jake Paul Joey Levy Betr Maryland licenseDespite the initial approval from the Maryland Lottery, Betr still has a few challenges to overcome.

Before officially launching in the state, the operator needs the green light from the Maryland Sports Wagering Application Review Commission and the Lottery’s final approval.

Currently, there is no specific date for when Betr might go live in Maryland.

Betr is already operational in Ohio and Virginia, with plans to expand to Colorado, Kentucky, Indiana, and Pennsylvania.

The operator previously attempted to establish itself in Massachusetts but exited the market earlier this year after capturing less than 1% of the market share.

This exit was part of Betr’s broader strategy to focus on more promising markets.

Betr Financial Performance and Challenges

Betr’s financial performance has been a topic of discussion among Maryland Lottery commissioners.

In 2023, the company reported $20.3 million in revenue but faced a net loss of around $32 million.

 

Despite these challenges, Betr secured an additional $15 million in funding in March 2024, bringing its total funding to $100 million.

The company’s leadership, including Jake Paul and Joey Levy, remains optimistic. They expect improved financial results in 2024 and aim for profitability by 2025.

John Mooney, managing director of the Maryland Lottery’s regulatory oversight division, acknowledged the company’s financial struggles.

However, he noted that such challenges are not uncommon for startups in the sports betting industry.

Commissioner Harold Hodges expressed concerns and voted against the initial approval, though most commissioners supported moving forward.

 

Sports Betting in Maryland

Maryland Sports BettingMaryland’s sports betting market is lively and competitive.

As of April 2024, the state reported a sports betting handle of $486.3 million for the month, with $478 million coming from mobile sports betting.

This represents a 48.1% year-over-year growth.

The state hosts 13 retail sportsbooks and 11 sports betting apps, including major players like DraftKings and FanDuel.

Furthermore, notable newcomers to Maryland in 2023 included ESPN Bet and Fanatics Sportsbook.

Other operators, such as Bally’s, Queen Sportsbook, and Veterans Services Corp., have received the Maryland license but have yet to launch their apps.

Can Betr Succeed in Maryland?

Betr’s entry into Maryland is highly anticipated.

The company’s unique approach, focusing on micro-betting, sets it apart from competitors.

Joey Levy, co-founder of Betr, stated, “The new states we have acquired market access in will offer Betr Sportsbook the opportunity to reach over 17% of the U.S. adult population by the end of this year.

While Betr has faced financial and operational challenges, its strong backing and strategic funding provide a strong foundation for its expansion.

With its growth and enthusiastic sports betting community, the Maryland market presents a great opportunity for Betr.

Moreover, the initial approval from the Maryland Lottery is a promising development for Betr.

Betr’s innovative approach and ambitious expansion plans could make it a notable player in Maryland’s sports betting market.

Responsible Gambling

NCPG helpline problem gamblingIf you feel that your gambling activities have become overwhelming, you can contact the National Problem Gambling Hotline for support at 1-800-522-4700.

You can also text the number 1-800-522-4700 or enter the website chat here.

The call is anonymous, and the hotline is available 24/7/365 free of charge.

Want to learn more about online casinos and sports gambling? Follow our Online Gamblers Academy and learn how to have fun responsibly!

 

Betr is an online sports betting operator co-founded by Jake Paul and Joey Levy.

Betr received initial approval from the Maryland Lottery on May 24, 2024.

Betr was co-founded by social media star Jake Paul and Joey Levy.

Betr is currently operational in Ohio and Virginia.

Betr plans to expand to Colorado, Kentucky, Indiana, and Pennsylvania.

Betr exited the Massachusetts market due to capturing less than 1% of the market share.

Betr reported $20.3 million in revenue but faced a net loss of around $32 million in 2023.

Betr secured an additional $15 million in funding in March 2024.

DraftKings and FanDuel dominate Maryland’s sports betting market.

Betr’s unique approach to micro-betting sets it apart from competitors.

Gita Puikevica-Puikevska is a dedicated content creator based in Riga, Latvia. Her degree in technical translation and passion for music mirrors her creative approach to content writing. She is committed to keeping players informed with the latest gambling-related news and insights. Gita's commitment to promoting responsible gambling practices in the United States showcases her dedication to making a positive impact in the online gambling community.

Related news

Show all news
1

Ty (Tex) Twine Joins Toppem Sports As Executive Chairman

Exclusive interview with Ty Twine, the new executive chairman of Toppem Sports, on his vision for the company’s future in sports technology.

2

2024 Guide for Top Basketball Cities in the U.S.

Explore the top cities for basketball fans in 2024, including Los Angeles, Boston, and San Francisco. Click here!

3

New York Lawmakers Push Prop Bets for Fantasy Sports Revenue

Read how New York lawmakers are considering legalizing prop bets for fantasy sports to enhance state revenue and curb illegal gambling.