Posted on: November 18, 2022, 11:40h.
Last updated on: November 18, 2022, 12:30h.
Betr took another step toward launching in its first state on Wednesday. That’s when the Ohio Casino Control Commission (OCCC) conditionally approved the micro-betting-focused sports betting app for a license in the state.
There are still other steps to clear, such as commission staff inspecting equipment and reviewing procedures. But if those conditions are met, Levy told Casino.org after the meeting in Columbus that he expects the app to be ready for the January 1 start date in Ohio.
During brief remarks to the commissioners at the meeting, cofounder and CEO Joey Levy touched on a subject he brought up last month regarding responsible gaming. That includes a ban on taking credit cards for deposits and limits on deposits and wagers for bettors under 25.
I’m confident that Betr will play a meaningful role in the state’s sports betting market, notably by providing consumers with both a truly differentiated product experience as well as a community around the new brand we are developing,” he said.
Ohio’s sports betting law requires sports betting operators to partner with an in-state business in order to get licensed. If all goes as planned, Betr will be the online sports betting partner for the Hall of Fame Village in Canton, which also has received preliminary approval to serve as a proprietor.
‘Methodical’ Plan for Growth
Levy and his cofounder, boxer and social media influencer Jake Paul, announced the start of Betr back in August. When Levy and Paul unveiled their plans, they revealed the company had investors backing it to the tune of $50 million.
While the company is well-funded, Levy said Wednesday that doesn’t mean Betr will look to expand rapidly across the country. Besides Ohio, Betr recently announced it secured market access in Indiana with the EBCI Holdings-owned Caesars Southern Indiana.
We’re going to be very gradual and methodical with respect to how we go about market access,” Levy said Wednesday. “We’ve seen a lot of other companies in the space make the mistake of just pursuing broad nationwide expansion, spending a reckless amount of money on these minimum guarantees and these upfront payments without really validating do they have product market fit? Is their product differentiated? Do consumers want their product? Is their formula working?
“So, we’re going to be very deliberate with an initial set of states. Really validate our product thesis, and the moment we get comfortable with that, we will then pursue broader nationwide expansion.”
Fanatics Among Others Approved
Betr wasn’t the only company to be conditionally approved at Wednesday’s meeting. SPIRE Institute received conditional approval to be a proprietor for an online operator and a retail sportsbook – both of those would be run by newcomer Out the Gate.
Fanatics also received conditional approval to operate two retail sportsbooks and an online app. Fanatics is an online and retail partner with the Columbus Blue Jackets, and also plans a brick-and-mortar sportsbook in partnership with the Cleveland Guardians. In addition, the OCCC granted Parx Interactive, a partner with Muirfield Village Golf Club, and Delaware North’s Gamewise, partnering with Miami Valley Racing and Gaming, similar approval for online sports betting.
The OCCC also conditionally approved two kiosk proprietors, Elys Gameboard Technologies and Gold Rush Amusements. If they receive final approval, they will be able to install their machines in lottery retailers that have been approved to host them.
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