With over a dozen online sportsbooks and a handful of legal casinos, Virginia’s gambling market is strong. It could soon, however, be getting a little bit stronger.
Betr announced on June 27 a $35 million Series A2 round of financing. That money provides Betr with more cash flow to begin introducing full sportsbook capabilities to its platform and expand into new markets. One of those new markets could be Virginia.
Betr is already licensed and plans to launch its Virginia sports betting operation soon. Now that it is armed with new funding, Betr should have the tools to compete in a highly competitive market.
Betr hopes to turn 1.4 million social media followers into customers
Betr, the sports betting mobile app co-founded by Jake Paul, is looking to take a big step forward toward true sportsbook offerings and expand into new markets.
The goal for Betr is to evolve from a microbetting provider to a full-fledged online sportsbook. It wants to diversify its platform, offer traditional sportsbook odds and become more accessible in other states using its massive social media presence.
In its first 10 months, Betr Media accumulated 1.3 billion social media impressions, which led to 1.4 million followers. Of its media audience in Ohio, 20% became customers of Betr.
Betr’s issue is not customer acquisition or media engagement. It is offerings. Allowing its bettors to wager on small events such as the outcome of the next pitch in baseball or a sack on the next snap in football is inventive. Betr now needs a suite of odds and diverse types of wagers to keep growing as an online sports betting provider.
Founding Partner and Managing Director of Fuel Venture Capital Jeff Ransdell believes Betr has found a section of the sports betting market that will provide for future success.
“Joey, Jake and the incredible Betr team are truly creating something remarkable. They are addressing a genuine need in the sports media and betting world, catering directly to the end consumer. The overwhelming demand from investors wanting to join this journey is a testament to the validity and promise of what they’re building.”
Fuel initially invested $10 million into Betr. It just increased that investment to $20 million during this last round of funding.
Virginia likely to be one of the next states for Betr
The press release sent out by Betr after its recent round of funding minced no words. For those in Virginia wanting access to Betr, it should be available soon.
“Betr Gaming is licensed and operational in Ohio and Massachusetts, is licensed in Virginia with plans to launch soon, and holds market access in Indiana and other jurisdictions that will be announced soon.”
There is no solid date for launch or anything concrete, but Betr already has licensing in Virginia and the cash flow to begin expanding into the surging market.
In May, over $403 million was wagered on sports in Virginia, which was 14.9% higher than May of last year. The sports betting providers in the state combined to accumulate $42.5 million in adjusted gross revenue. That revenue generated more than $6 million in tax money for Virginia.