Betr Moves Closer to Launching Sports Betting in Maryland
Betr, an online sports betting platform co-founded by Jake Paul and Joey Levy, has secured initial approval for a sports betting license from the Maryland Lottery.
Expansion Efforts and Market Presence
To officially start operations in Maryland, Betr still needs final approvals from the state’s Sports Wagering Application Review Commission and one last nod from the Lottery. The exact launch date remains to be confirmed.
Currently, Betr operates in Ohio and Virginia, and it has plans to expand into Colorado, Kentucky, Indiana, and Pennsylvania.
The company previously entered the Massachusetts market but withdrew in February after failing to gain significant traction, capturing less than 1% of the market share.
Financial Backing and Challenges
In March 2023, Betr raised an additional $15 million in funding, increasing its total capital to $100 million. Despite this financial boost, Betr faced a challenging 2023 with revenues reaching $20.3 million but a net loss of around $32 million.
Jake Paul and Joey Levy are determined to push forward with Betr’s expansion despite these setbacks. Levy highlighted their focus on obtaining the necessary regulatory approvals and expanding into new states as part of their strategic growth plan.
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