In a public meeting on Thursday morning, the Massachusetts Gaming Commission voted unanimously to approve house rules for Betr, paving the way for that company to launch its sportsbook in the state in the future.
The MGC also received a report from its Investigations and Enforcement Bureau on the recent news of a crypto currency scam that involved Betr co-founder Jake Paul.
The YouTuber and celebrity boxer was charged by federal authorities for involvement in publicizing a fraudulent crypto currency last year. Paul, as well as seven other celebrities including actress Lindsay Lohan, violated the federal securities act by tweeting about a crypto currency without revealing that they were paid to do so.
Paul will reportedly pay a $400,000 fine to the SEC. Betr was not a party to the securities matter, and self-reported the resolution regarding Paul’s involvement to the MGC.
In January, Paul was grilled by some members of the MGC for alleged controversial behavior as the commission debated the Betr Massachusetts application. Ultimately, the MGC approved the application, and has moved forward with steps that could lead to Betr entering the Massachusetts market — which Betr expects to do in April.
Massachusetts house rules approved for Betr
On Thursday, the MGC voted 5-0 to approve house rules for Betr, an important step in the company being granted an operations certificate and entering the market in Massachusetts.
Sterl Carpenter, the MGC’s sports wagering operations manager, called the proposed rules “slim” due to the fact that Betr only allows wagering on football, basketball and baseball. Betr recently began offering traditional sports betting markets, in addition to the microbetting markets it has become known for.
Some notable elements of Betr’s house rules include:
- Minimum bet is $0.10, and maximum bet is $500,000
- Betr offers a “Correct Score” wager, which pays out if the bettor predicts the exact final score
- A “Head-to-Head” is a competition between two or three bettors or outcomes
- With a “Double Chance” wager, you can bet on two outcomes happening in a game or match
Carpenter praised Betr for its efforts in preparing its house rules.
“The (Betr) compliance team was (obviously) looking directly and specifically at (the MGC) regulations,” Carpenter said. He went on to say that his staff appreciated the effort by Betr to match its house rules closely to MGC regulations.
The commission will later need to address the certificate of operations for Betr. That process is one of the final steps before the sports betting operator can enter into testing and eventually going live in the Commonwealth.
Where is Betr live?
On Jan. 1, the Betr sports betting app debuted in Ohio. Beyond Massachusetts, Betr also has licenses in Indiana and Virginia.
Once Betr launches in the Massachusetts sports betting market, it will join six licensees that went live on March 10. Despite concerns by some and a recent editorial by the Boston Globe on the excessive marketing of sports betting in the state, the reception to legal sportsbooks in Massachusetts has been largely positive.
If you or a loved one is experiencing problems with gambling, call 1-800-327-5050 or visit www.mahelpline.org/problemgambling to speak with a trained specialist for free, 24/7
