As part of its expansion plans, sports gaming and media company Betr announced it has struck a deal for access to online sportsbooks in Colorado and Kentucky, as well as online sportsbooks and a casino in Pennsylvania.
Through an agreement with Cordish Gaming Group for the Pennsylvania launch, Betr is expected to debut its Betr Casino product upon regulatory approval in the Keystone State.
The Cordish Gaming Group is a gaming division of The Cordish Companies and is responsible for resorts in Pennsylvania, Louisiana, and Maryland.
“We are very excited to partner with Betr on the launch of their first online casino,” said Rob Norton, President of Cordish Gaming Group. “Betr Casino will make a winning addition to the gaming options available to Pennsylvania players, which includes two of our own successful Live! Casino properties.”
Betr Colorado Partners With Boulter Developments
For the Colorado regulatory approval of its sportsbook, Betr has partnered with Boulter Developments, although Betr will also need approval for a sports betting license in the state. As a result of this alliance, Boulter Developments will also be eligible for equity interest at Betr.
“Boulter Developments is excited to be partnering with Betr in the wonderful state of Colorado, pending licensing approval from the Colorado Division of Gaming. Their innovative approach to the gaming space, along with their intuitive product and rapidly growing media arm, make this a no-brainer partnership for us,” said Steve Boulter of Boulter Developments.
“Further, we are thrilled to be equity partners as we firmly believe Betr is the future of sports gaming in America as they continue to make sports and betting, Betr.”
The Eastern Band of Cherokee Indians Ups its Equity in Betr
To launch its online sportsbook in Kentucky, Betr has partnered with the Eastern Band of Cherokee Indians (EBCI). Meanwhile, the Tribe has increased its previously held ownership holding in Betr, which was first obtained by means of a market access arrangement for the upcoming launch in Indiana.
“Betr’s innovative suite of products and user-friendly app are truly cutting-edge technology, coupled with their unique approach to marketing and broadcasting sports related content, creating a differentiated product offering within a rapidly growing market,” said Scott Barber, Chief Executive Officer of EBCI Holdings, the Eastern Band of Cherokee Indians’ gaming entity.
“We are confident our expanded relationship with Betr will be a perfect fit in the great sports state of Kentucky.”
Betr’s Outlook for 2024
Ahead of the 2024 NFL season, Betr has revealed it will be launching its V1 sportsbook product in every state in which it has acquired regulatory approval.
“We are thrilled to announce our new market access partnerships for sportsbook and the introduction of Betr Casino in 2024 ahead of our V1 Sportsbook launch. The data we are seeing not only suggests that we are building a large and highly profitable real money gaming and media business, but that we are doing so by bringing new users into the category,” Joey Levy, co-founder and CEO of Betr, said.
“By the end of 2024, we should see a further step change in our scale, while also having successfully laid the foundations of at least four distinct business units: Betr Fantasy, Betr Sportsbook, Betr Casino, and Betr Media.”
Betr, which was founded in 2022, has already made its presence in other US markets like Ohio, Virginia, and Massachusetts. It has secured access in Indiana and has applied for a sports betting license in Maryland.
However, Betr said it will not renew its sports betting license in Massachusetts in the meantime. The company stated that it is swapping its presence in a state with a population of 7 million for admission into states with a combined population of more than 23 million, all at a lower total economic cost than the expenditure necessary for renewal in Massachusetts alone.
“Finally, 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.
“The new states we have acquired market access in will offer Betr Sportsbook the opportunity to reach over 17% of the U.S. adult population by the end of this year, while Betr Picks will continue to be available to over 50% of the U.S. adult population,” Levy concluded.