Posted on: November 3, 2022, 10:59h.
Last updated on: November 3, 2022, 11:19h.
Betr, the online sports betting app that focuses on microbetting, announced Thursday morning that it has reached a market-access deal with Caesars Southern Indiana to operate in Indiana.
Terms of the agreement weren’t disclosed, though a joint release indicated the agreement is “predominantly equity-based.” As a result, EBCI Holdings, which owns the casino in Elizabeth, Ind., will become one of the largest stakeholders in the operator that plans to focus on in-game betting markets.
Market access is one of the primary expenses that comes with launching a regulated sports betting business in the US, so we have been focused on aligning ourselves with partners who buy into our vision and are willing to take equity in lieu of cash for access,” Betr co-founder and CEO Joey Levy said in a statement. “We are thrilled to announce this partnership and we are grateful for the opportunity to undergo the licensing process with the Indiana Gaming Commission.”
The deal is contingent on regulatory approval.
In Indiana, each state-licensed casino can partner with up to three online operators. Betr would be the first partner for Caesars Southern Indiana.
“With Betr’s microbetting focus combined with Betr’s smart take on sports media, led by boxing star Jake Paul, we believe Betr will be a fun new option for sports fans throughout Indiana and will appeal to mass market consumers,” Caesars Southern Indiana General Manager Brad Siegel said.
Second State Deal for Betr
Indiana is the second state access deal Betr has announced. It also has an agreement in place with HOF Village Newco, which operates the Hall of Fame Village in Canton, Ohio, for online access in Ohio. That, too, involves an equity stake.
The Ohio Casino Control Commission conditionally approved HOF Village’s application at its Wednesday meeting, and Betr is working in preparation to launch on January 1 in the state.
Levy and Paul, the other Betr co-founder, unveiled their new company back in August and announced they raised $50 million in funding from a wide range of investors.
Levy also founded Simplebet, a microbetting technology company that runs in-game markets for sportsbooks, such as DraftKings. Betr will use the Simplebet platform for its application.
Betr’s original media content will be led by Paul, a professional fighter and high-profile social media influencer followed by more than 70 million people.
Last month, Levy told Casino.org that he believes the combination of original media and microbetting opportunities will help enhance how sports fans watch and enjoy games. That’s critical, he added, to getting more of the nearly 150 million US sports fans engaged in wagering.
Big Week for EBCI Holdings
The Betr deal is the second major deal in less than a week for EBCI Holdings, which is the commercial gaming arm for the North Carolina-based Eastern Band of Cherokee Indians.
On Monday, the Kentucky Horse Racing Commission approved EBCI Holdings’ acquisition of a 49% stake in Revolutionary Racing Kentucky. That’s a $55 million quarter-horse track and historical horse racing venue currently under construction in Ashland, Ky. The track is expected to open for racing in 2024.
It’s also not the first microbetting venture for EBCI Holdings. In September, the company announced a $1 million investment in nVenue, which is developing a microbetting platform using artificial intelligence to develop markets for sportsbooks.
Scott Barber, EBCI Holdings’ CEO, told Casino.org there are no concerns about investing in the two companies. Betr, he noted is a consumer-facing company, while nVenue is a business-to-business provider.
“We also feel the future of sports betting will evolve to predominately microbetting. So, plenty of room for multiple operators in a big marketplace,” he said.
