Betr, a microbetting company, recently obtained a sports betting license in the state of Virginia.
On Monday, the VA sports betting license was approved by the Virginia Lottery.
Joey Levy, co-founder and CEO of Betr, expressed excitement over the approval of their sports betting license in Virginia. He also acknowledged the smooth collaboration with the Virginia Lottery Board in making their product accessible to customers in the state.
The company, which was co-founded by Jake Paul, a social media influencer, has not revealed an exact launch date in Virginia. Nevertheless, they have mentioned that their app will be available for users in the near future.
Influencer Jake Paul one of Betr’s co-founders
Jake Paul, despite being one of the latest sportsbooks to enter the market, has gained significant recognition in the sports industry as it is affiliated with Betr, which holds one of the biggest names.
The company was co-founded by Levy and a 26-year-old social media influencer turned boxer.
Paul first gained fame on Vine, the social media platform known for its six-second videos. Afterward, he achieved success on YouTube before making the transition to professional boxing. However, Paul recently experienced his first loss in the boxing ring against Tommy Fury.
Paul sees Betr as simply another addition to his ever-expanding empire. During an interview with New York Magazine, the famous personality expressed his optimistic outlook not only for Betr but also for his entire future.
Paul declared, “I have complete faith in becoming the Jay-Z of this era and establishing a billion-dollar enterprise — my inaugural billion-dollar venture. This is my true passion; as a driven Capricorn, I am inherently inclined to thrive through hard work.”
On the other hand, Levy promotes his own experience in the gambling industry as he is the founder of Simplebet, a company specializing in developing backend software for micro-betting platforms.
Betr recently launced its microbetting app in Ohio
Betr arrived in Ohio as sports betting officially launched in January. The new platform quickly gained traction and generated a profit in the Buckeye State during that month.
Ohio being one of Betr’s initial launches is logical, as Paul hails from this state, and the launch coincided with a significant development in Ohio’s industry.
Levy stated during the Ohio launch that this event signifies the start of our deliberate and systematic strategy for expanding into different states. We aim to invest the required time to thoroughly evaluate and confirm the compatibility of our unique product experience with the market, ensuring our growth is both successful and profitable.
Betr has already obtained licenses in Ohio and Massachusetts. Although it currently lacks a license from the Indiana Gaming Commission, it is anticipated that Indiana will be the next state on Betr’s expansion list. Furthermore, Betr has recently become the 16th sportsbook to enter the Virginia market.
In a statement, Levy expressed excitement about reaching this significant milestone and eagerly anticipated delivering our unique product experience to sports enthusiasts across Virginia.
What is microbetting?
In simple terms, microbetting refers to placing bets during a live game. These bets are usually made quickly and can be on specific aspects of the game, such as the spread for a particular quarter or a player’s performance. Microbetting offers a fresh alternative to traditional casino wagering.
Paul and Levy aim to take advantage of microbetting, which usually occurs in real-time.
During his interview with New York Magazine, Paul introduced the term “TikTokification.” This concept draws parallels with the fast-paced nature of the social media platform, as Betr offers users a rapid and real-time betting experience.
Levy believes that this emerging trend in betting has the potential to mirror the accomplishments witnessed by stock market platforms like Robinhood.
Levy explained to the publication that the impact of Robinhood on day-trading was similar to what happened in the past with E-Trade, Fidelity, and Charles Schwab dominating the market. However, back then, the average consumer did not actively participate in day-trading due to its lack of user-friendliness. Robinhood revolutionized this by creating a user-friendly platform that made buying and selling stocks seamless and easy for ordinary individuals.
Betr secures Virginia sports betting license at prime time
The industry receives an encouraging sign as Virginia’s January report reveals the state securing the sixth position nationwide in sports betting handle for the month.
In that particular month, the total amount of wagers placed by sports bettors in Virginia reached $513.15 million. As a result, the adjusted gross revenue amounted to $42.13 million, leading to a tax revenue of $6.37 million.
The gambling industry in the state of Virginia is set to experience significant growth. Currently, there are two operational casinos in Virginia, with one being a temporary establishment in Bristol that is set to open fully within a year. Meanwhile, the local news is filled with debates and conflicts surrounding the establishment of more casino locations.
The bottom line is that there is a strong demand for gambling in the state, and Betr’s license couldn’t have come at a better moment.
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