Betr is a newcomer in the US sports betting market. The Miami-based operator has been making some waves as it plans an expansion of its sports wagering and gaming operations.
However, these plans include a hasty exit out of the Massachusetts sports betting market. Betr has announced plans to withdraw from The Bay State in 2024.
Betr hit the scene last year as a joint effort between online gambling entrepreneur Joey Levy and social media personality and boxer Jake Paul. There are several reasons as to why the company is getting out of the Massachusetts sports betting scene. But overall performance is a glaring factor.
Betr leaving Massachusetts after subpar performance
The Massachusetts Gaming Commission granted Betr Massachusetts a temporary license in Spring 2023, which is in effect for one year. The operator is opting not to apply for a permanent license once the temporary one expires.
Betr Sportsbook’s beta version went live in Massachusetts in May 2023. Unfortunately, things didn’t go so well for the operator’s Massachusetts business.
For the seven months it operated in Massachusetts in 2023, Betr was dead last. Its aggregate handle from June to December was under $2 million, its revenue was just $148,058 and its market share was less than 0.1%.
Betr is the only US sportsbook dedicated to micro-betting. It is more geared toward a second-to-second, instantaneous version of live betting. Instead of betting on the result of a game, Betr allows customers to bet on the result of an at-bat, a field goal attempt, a pitch, a penalty kick and more.
Leaving the door open for a return
The operation isn’t renewing its Massachusetts license. On the other hand, the company isn’t willing to say they are completely done with the state.
“Finally, 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 the market at a later date,” said Levy in a statement.
DraftKings runs MA sports betting market
The US sports betting market is not kind to small brands and newcomers. That is highlighted in Massachusetts, where one operator handles about half of the action.
Since MA online sports betting launched in March 2023, DraftKings Massachusetts has handled over $2.4 billion in wagers. That is 49.8% of the market share in the state.
With DraftKings dominating the market and other more established operators scrambling for what’s left, there isn’t a lot for Betr to cling to.
There is also the possibility that residents have not caught on to the micro-betting format Betr offers. Instead, the market is opting for more traditional betting.
Betr isn’t throwing in the towel completely. The company is pending the launch of its sportsbook in Indiana and Maryland. The operator also plans to go live in Colorado and Kentucky in 2024. The company will also be making its online casino debut in Pennsylvania later this year to go along with an online betting site in that state.
