Jake Paul’s Betr awarded Maryland wagering license
The micro betting wagering platform Betr which is owned by YouTuber and boxer Jake Paul, as well as Joey Levy, has been awarded its Maryland license for online sports betting.
At a meeting on Wednesday morning (June 26) the Sports Wagering Application Review Commission awarded the company the license after Maryland’s lottery commission signed it off in May.
While it has been given the green light, Betr must still go through a controlled demonstration with the Maryland Lottery before it can officially launch in the state.
Founded in 2022, the sports betting app is already operational in Ohio and Virginia. It was previously in Massachusetts too but it left the market due to economic reasons.
The company’s entry into Maryland doesn’t yet have a known date, but it’s entering the market alongside others.
Veterans Services Corporation (VSC) is a British-based company that operates a digital betting platform and is expected to join the ranks in the Mid-Atlantic state at the beginning of July. They operate their platform through Bee-Fee Limited and have already completed their demonstration.
Bally Bet also has plans to go live in Maryland in July, after they qualify for a digital license in 2022.
At the same time, Betfred is set to exit the sports betting market in Maryland after failing to generate significant market share. The brick-and-mortar location will be closed down on June 30 and its digital platform will be removed in July.
In light of this, the young company owned by Jake Paul and Joey Levy has its work cut out as both FanDuel and DraftKings dominate the area.
What is Betr?
Betr is a sports betting business formed by social media star Jake Paul and Simplebet cofounder Joey Levy.
In March, the company announced that it had secured $15 million in strategic equity financing in a transaction that valued the company at $375 million. That capital brought Betr’s total funding raised to $100 million.
Featured Image: Via Joey Levy’s ‘Introducing Betr’ Post
The post Jake Paul’s Betr awarded Maryland wagering license appeared first on ReadWrite.