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Silvia Pavlof January 26, 2024 3 min read
Betr to Depart Massachusetts Sports Betting Scene in 2024
The decision comes as the company evaluates its performance and redirects its focus towards other promising markets
Betr, the Miami-based newcomer to the US sports betting market, has declared its intention to exit the Massachusetts sports betting arena by the end of 2024.
Betr’s Massachusetts Venture Ends in Disappointment
Betr, co-founded by online gambling entrepreneur Joey Levy and renowned social media personality and boxer Jake Paul, entered the Massachusetts market with high hopes. However, Betr’s venture into the Bay State failed to meet expectations, citing lackluster performance as the primary reason behind its forthcoming departure.
Since obtaining a temporary license from the Massachusetts Gaming Commission in Spring 2023, Betr struggled to gain traction. Despite its innovative approach to sports betting, which emphasizes micro-betting and real-time wagering, the company found itself at the bottom of the pack.
Over the course of seven months in 2023, Betr’s handle barely surpassed $2 million, with revenue amounting to a mere $148,058 and market share languishing below 0.1%.
“We want to thank the MGC for their great partnership during our temporary license period in Massachusetts and we hope to receive the honor and privilege of reentering this market at a later date.” stated Levy, leaving the door open for a potential return in the future.
Questions on Micro-Betting Model Arise as Betr Exits Massachusetts
Betr’s exit from Massachusetts underscores the challenges faced by smaller players in the fiercely competitive US sports betting landscape, where industry giants like DraftKings dominate market share.
Since the launch of online sports betting in March 2023, DraftKings has commanded nearly half of the market in Massachusetts, leaving little room for competitors to thrive.
Moreover, Betr’s departure raises questions about the viability of its micro-betting model in certain markets. While the company continues to forge ahead with expansion plans in states like Indiana, Maryland, Colorado, and Kentucky, its experience in Massachusetts highlights the importance of market fit and consumer preferences.
Looking ahead, Betr remains optimistic about its prospects in other jurisdictions, buoyed by recent market access deals in Pennsylvania, Colorado, and Kentucky. With plans to launch its V1 Sportsbook ahead of the 2024 NFL season and introduce Betr Casino in Pennsylvania, the company aims to capitalize on its success in fantasy sports and establish itself as a formidable player in the US gaming industry.
Levy specified that the company foresees mirroring the achievements of Betr Picks with its Betr Casino and Betr Sportsbook throughout 2024 and into the future. Additionally, Levy indicated that Betr aims to establish a robust groundwork for four distinct business divisions, encompassing Betr Sportsbook, Betr Casino, Betr Fantasy, and Betr Media by the conclusion of the year.