License Approval Granted for Betr in Indiana
New micro-betting company Betr has been granted market entry to Indiana after initial approval, which will see the business partner with Caesars casino to gain in-roads in the state.
Under the terms of the partnership, the sports betting entity, which was created by the co-founder of Simplebet, Joey Levy, as well as celebrity boxer and influencer Jake Paul, will mean that the brand will be able to offer real-money micro-betting to residents of Indiana.
The main selling point of Betr is their in-play offering for sports events, with this niche becoming particularly big in the state over the last year.
Industry Status Increasing for Betr
For Betr, the micro-betting aspect of its app means that this has appealed to more hardcore sports fans who wish to make wagers based on outcomes that may happen during a sports event and, as a result, the nature of how this operates means that the more detail and stats-orientated enthusiasts have seen the benefits.
As such, customers can place wagers on the number of runs a player may get in a baseball game or the amount of possession a team may have during a basketball game.
With (Jake) Paul involved as an investor, it also means that the profile of the app has grown significantly, especially given his standing on social media.
Market access is one of the primary expenses that come with launching regulated sports betting business in the US, so we have been focused on aligning ourselves with partners who buy into our vision and are willing to take equity in lieu of cash for access. We are thrilled to announce this partnership, and we are grateful for the opportunity to undergo the licensing process with the Indiana Gaming Commission.
Similar views were echoed by the brand's casino partner for the state, Caesars, with the company's Southern Indiana general manager, Brad Siegel, outlining the unique approach that Betr takes to online sports betting: "Our partnership with Betr will deliver a fresh, dynamic new way of betting to thousands of sports fans in our area. It's a thrilling new way to engage with live sports."
"With Betr's micro-betting focus combined with Betr's smart take on sports media led by boxing star Jake Paul, we believe Betr will be a fun new option for sports fans throughout Indiana and will appeal to mass market consumers."
Primarily an Equity-Based Deal
The nature of this business relationship is more closely related to an equity-based deal, which will see it become part of a wider partnership between Betr and EBCI (Eastern Band of Cherokee Indians) Holdings, which has played a vital role in Betr gaining market entry to Indiana.
It is this approach that has led to Betr essentially forming a growth strategy that focuses more on like-minded partnerships between entities who share a similar vision. This also means that Betr has been able to subsidize its balance sheet by offering shares instead of the total amount of cash required in order to seal the deal.
What is clear is that the EBCI has seen the potential impact that Betr can have on disrupting a market, and the reaction so far is a positive one.
It also provides confidence that the online sports betting industry in the US is ripe for diversification, and it could pave the way for the launch of similar brands that look to create a micro-niche for themselves in the industry as customers look for a new twist.
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