This move is part of Betr’s broader strategy to grow its presence in the U.S. market, which has seen a rapid increase in the legalization of online betting.
What is Betr?
Founded in 2022, Betr quickly gained attention with its focus on micro-betting. Unlike traditional betting, micro-betting allows users to wager on specific events within a game, such as individual plays or player performances. This approach has appealed to a younger, more tech-savvy audience seeking a more interactive betting experience.
However, despite this unique offering, the company faced significant financial challenges in its early years. In 2023, Betr reported a net loss of approximately $32 million, a point of concern highlighted during the Maryland Lottery and Gaming Control Commission‘s approval process.
In response to these financial challenges, Betr worked to improve its financial health in 2024. The company reported better financial performance and projected profitability by 2025. To support this turnaround, Betr secured $15 million in strategic equity financing in March 2024, which valued the company at $375 million. This influx of capital was crucial for funding its expansion plans and demonstrating financial stability to regulators.
On May 24, 2024, the Maryland Lottery and Gaming Control Commission granted Betr initial approval to operate in the state. This approval marked a significant milestone for the company, as Maryland sports betting represents a promising market.
After receiving its stamp of approval from the MLGCC, Betr can now begin the final stages of its operational setup in Maryland, which includes establishing partnerships with local businesses and ensuring compliance with state regulations.
Betr’s Future Plans for Maryland and Beyond
Betr plans to officially launch its online sports betting platform in Maryland by July, the start of the next fiscal calendar. This launch is strategically timed to coincide with the peak of the summer sports season, aiming to attract a significant number of users from the start and establish a rapport ahead of NFL kickoff.
Betr’s entry into Maryland includes features tailored to local betting preferences. The platform will offer betting options on popular local sports teams and events, with a strong emphasis on the micro-betting format. This approach is designed to engage users with a more dynamic and interactive betting experience.
In addition, Betr is implementing comprehensive responsible gambling measures. These measures include tools for setting betting limits, self-exclusion options, and providing resources for gambling addiction support to ensure a safe betting environment for all users.
Following its launch in Maryland, Betr intends to continue its expansion into other states. The company plans to enter up to 10 new markets in 2024, leveraging its initial successes and insights gained from its Maryland operations.
