Micro-betting is coming to the Hoosier State... eventually.
Betr announced a partnership yesterday with Caesars Southern Indiana casino, and its owner the Eastern Band of Cherokee Indians (EBCI Holdings), giving the sports betting site market access to another midwestern state. Indiana sports betting regulations require online sportsbooks to be "tethered" with a casino in order to operate.
But this deal is different than most: Legal sports betting operators, when forced to work with a retail outlet, sports team, etc., will pay cash to get market access — but Betr appears unable (or unwilling) to take the traditional path.
"Market access is one of the primary expenses that comes with launching a regulated sports betting business in the U.S.," said Joey Levy, CEO of Betr. "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."
Betr made the same partnership with the Hall of Fame Resort & Entertainment Company (the Pro Football Hall of Fame Village) to get market access in Ohio, which will launch regulated sports betting in January 2023.
The brand may now have access to two unique markets, but when it will actually launch is an entirely other question: The announced deal with EBCI did not include any launch timeline, while Betr has not yet officially received an official license in Ohio.
Plus, Betr's real-money app hasn't been released yet — the only iteration available is a free-to-play version that was released in September.
Betr a different sportsbook
The sportsbook, which is led by Levy and YouTube influencer Jake Paul and is almost entirely focused on micro-betting, has made news in recent months.
First, Betr raised $50 million in funding this summer to build out its brand, followed by the release of the free-to-play app a few weeks later.
Micro-betting allows the customer to live bet on specifically unique actions within a sporting event, such as the next play in football or next pitch in baseball, and the hope is to bring a new experience for fans.
"Our partnership with Betr will deliver a fresh, dynamic new way of betting to thousands of sports fans in our area," said Brad Seigel, general manager of Caesars Southern Indiana. "It's a thrilling new way to engage with live sports."
In a state like Indiana, which has 14 other sportsbooks, or Ohio — which is expected to have over 20 — Betr expects micro-betting to be a difference maker.
