The Massachusetts Gaming Commission will discuss Betr’s exit from the commonwealth as a sports betting operator during a scheduled meeting on Thursday.
Betr’s name wasn’t mentioned during an agenda planning meeting the MGC held last Wednesday, but Crystal Beauchemin, a business manager for the commission’s Sports Wagering Division, mentioned an operator cessation would be brought up by sports wagering and legal staffers at the upcoming meeting.
That was one day after Betr formally announced it was leaving the Massachusetts sports betting market in a statement that revealed the sports gaming and media company founded by Joey Levy and Jake Paul would seek sports betting licenses in Colorado and Kentucky and sports betting and iGaming licenses in Pennsylvania.
“We want to thank the MGC for their great partnership during our temporary license period in Massachusetts, and we hope to receive the honor and privilege of reentering this market at a later date,” Levy, Betr’s CEO, said in last week’s statement.
A message to Betr representatives seeking additional comment was not returned. An MGC spokesperson confirmed it was Betr that will be discussed.
Massachusetts sports betting apps rules require operators to give the state a 90-day notice of their plans to stop taking wagers in the state. It was uncertain when Betr notified the state of its departure. However, it’s expected Thursday’s meeting will include a discussion of a waiver regarding the 90-day notice.
Betr Struggled to Gain Market Share
According to MGC data, Betr was approved for its Massachusetts sports betting license on Feb. 23, 2023. It was a temporary Category 3 license awarded to operators not connected to any of the state’s three casinos or two horse racing venues. As a temporary permit, it is good for one year while the MGC conducted a review to determine if it would receive a full five-year license.
The temporary license cost the company $1 million, and MGC records show Betr was the lowest performing operator, by far, of any of the eight licensed online sports betting operators or the three brick-and-mortar sportsbooks.
From May to December, Betr Sportsbook Massachusetts accepted slightly more than $2.5 million in wagers, less than 0.1% of the $3.7 billion in Massachusetts sports betting wagers placed during that timeframe. Betr reported taxable revenue of $189,350 for those eight months.
Levy and Paul launched Betr 18 months ago, raising $50 million to develop a sports betting company seeking to differentiate itself from existing options. It initially focused exclusively on microbetting, or in-game wagering content, before eventually offering traditional point spreads, moneylines and totals. Levy and Paul, a leading social media influencer, also rely on original in-house content to drive customer acquisition.
Last July, Betr unveiled its newest product that targets daily fantasy sports players. Betr Picks is a pick-'em-style fantasy game currently available in 25 states. Massachusetts, though, is not one of them.