Betr took the next step towards cornering the micro-betting market of legal sports betting with the release of its new in-game wagering platform on September 1.
The Betr app, a free-to-play platform available across the U.S. that can be downloaded from either the Apple or Google Play stores, makes Betr the world's first online sportsbook to launch an app designed specifically for micro-betting.
Continuing on the momentum built following last month's announcement that they raised $50 million in funding for the venture, social media influencer Jake Paul and partner Joey Levy are looking to capitalize on a rapidly evolving niche component of sports betting, with a customer base primarily consisting of a younger generation of bettors that thrive on the ability to place instant in-game wagers.
This beta version of the Betr app gives the growing ranks of micro-bettors the chance to test drive the platform prior to Betr's rollout of the real money app (i.e. taking real money wagers) in selected states later this Fall.
"We view this free-to-play experience as a registration and onboarding platform to begin acquiring users mixed with an interactive tutorial for the future of sports betting," said Levy, the Founder and CEO of Betr, in a press release. "While this is very much an initial version that will get considerably better over time, we believe the experience released today provides a glimpse into the future of sports betting in the U.S. — an instant gratification focus to betting delivered in a simple, intuitive user experience that anyone can enjoy, even if they have not bet on sports before."
What is micro-betting?
Micro-betting is an increasingly popular betting experience, which allows users to not merely place in-game bets — but bet on specific game events. For example, betting on the next pitch (ball or strike) or next at-bat result (hit or out) in a Major League Baseball game. Or betting on what the next play will be in a football game.
The Betr app will present each micro-bet in the form of multiple-choice questions, simultaneously displaying the odds on each wager in the form of clearly stated payout multiples intended to "simplify the sports user betting experience" of micro-bettors.
Co-founder of the gambling technology company Simplebet, Levy says that Betr will be relying on Simplebet’s tech in the process of establishing a go-to app for younger generations of sports bettors.
Once users download the Betr free-to-play app, they can place micro-bets via Betr coins which, depending on the success the user has, can be redeemed for real prizes. As an incentive to customers who join Betr's micro-betting app quickly, any user who downloads the app and correctly predicts the first play of the upcoming NFL season — run or pass — will be entered into a draw to win a free Betr-branded Jeep Wrangler.
Alex Ursa, Head of Product at Betr, echoes Levy's view that micro-betting represents the next major advance in online sports betting.
"The future of the sports betting industry is finally here. What we launched today ... is something new, different, and interesting," said Ursa. "Betr is also the first betting app where someone who has never bet on sports before can dive right in and enjoy the experience with no learning curve and we are excited to finally be able to share it with the world."
Need proof that micro-betting is on the rise? Look no further than yesterday's Clemson-Georgia Tech NCAAF game:
Last night's Clemson-Georgia Tech game marked the first time micro-betting platform @SimplebetHQ did more than $1 million in handle on its "drive and play" markets for its partners on a regular-season college football game.
— David Payne Purdum (@DavidPurdum) September 6, 2022
Unable to immediately launch real-money betting while still awaiting regulatory approval from various state gaming authorities and the issuance of online sports betting licences, Betr decided it could gain vital promotional traction by giving customers a taste of play-money wagering now, a few months prior to the launch of the real thing.
When Betr does launch a cash-based app, it is expected that Ohio will be the first state Betr is active. The company recently applied for an online betting license in the Buckeye State and announced it's partnering with Hall of Fame Resort & Entertainment Company, headquartered in Canton (home of the NFL Hall of Fame), which entitles it to roll out the real money version as soon as the state gives its approval.
Betr expects to announce future partnerships — and projected state rollouts — in the weeks and months ahead.
Micro-betting aimed at younger generations
Both Paul and Levy believe that micro-betting is ideally suited to attracting younger generations of potential sports bettors and will be launching a marketing and promotional campaign targeting this new customer segment.
The company is hoping to capitalize on Paul's status as a leading social media influencer to drive user traffic toward the Betr app. Paul will be running the media arm of Betr, which will reach out to younger sports audiences and potential bettors through social media programming.
"I wasn’t into sports betting until I was introduced to micro-betting," Paul said in a statement last month. "Micro-betting is the TikTok-ification of sports betting and I am excited to bring it to the masses through Betr. We are in this for the long haul and are focused on doing things the right way."
DraftKings, one of Levy's Simplebet clients, was the first to introduce micro-betting, but Levy believes Betr will be able to capture significant market share despite the shadow of the online gaming big brother.
In a post on Medium, Levy noted that DraftKings chose to frame micro-betting as "a feature within a supermarket of legacy sports betting products" — much different than being at the core of a sports betting platform.
"If we are to believe that micro-betting will be the predominant way people bet on sports in the U.S., then someone should launch the world’s first micro-betting focused app," said Levy. "This is why we are starting Betr."
