A company co-founded by boxer Jake Paul is on its way to Indiana’s sports betting market. Betr wants to be a front-runner in the micro-betting industry.
Company makes similar move in Ohio
Betr issued a statement Nov. 3 announcing its deal with the Eastern Band of Cherokee Indians to break into Indiana’s sports betting via Caesars Southern Indiana casino.
Betr’s press release suggested the deal would position EBCI Holdings as one of the largest stakeholders in micro-betting. The contract would also allow Betr to enter additional states where EBCI Holdings owns properties.
The company struck that same type of deal with the Hall of Fame Resort & Entertainment Company to enter Ohio’s sports betting market, which is poised to kick off on Jan. 1.
Betr founded just a few months ago
Joey Levy, co-founder and CEO of Betr, said the company was “thrilled to be working with Caesars Southern Indiana and EBCI Holdings to bring Betr to the Hoosier State.”
Levy pointed out that when launching a regulated sports betting business in the US, the primary cost is market access. For this reason, Betr aligned with partners who accepted equity in place of cash. The company looks forward to undergoing the licensing process with the Indian Gaming Commission, Levy said.
Betr, which launched in August, is a multi-purpose business that revolves around sports media content and the gambling side of things.
Together, the two entrepreneurs managed to drum up $50 million in funding.
Paul boasts more than 70 million subscribers across his social media platforms. That number will probably increase now that he defeated former UFC champion Anderson Silva by a unanimous decision on Oct. 29. His boxing record is now 6-0.
Caesars Southern Indiana applauds partnership
Brad Seigel, general manager of Caesars Southern Indiana, praised the deal.
“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.”
Seigel said Betr’s focus on micro-betting and its smart take on sports media, championed by Paul, will provide sports fans in Indiana with a fun new option that will appeal to mass market consumers.
Micro-betting still in infancy in US
While micro-betting has been popular in Europe for some time, it has yet to take off in the US.
Mirco-betting is another term for live betting. If you’ve tried betting on a game as it’s happening before, then you’re probably aware of how buggy the process can be.
One of the biggest challenges micro-betting operators face is streaming and betting latency.
For micro-betting to function flawlessly, high-quality streaming infrastructure is a must. Events that present a chance to bet come and go very quickly.
Accordingly, an operator’s livestream has to have a minimal amount of latency to ensure that players are in real time with what’s happening in the game.
Indiana will be one the first states that Betr is operating in. If all goes well, success in the Hoosier State could be a good sign for the overall prospect of micro-betting in the US.