Maryland Lottery grants initial approval to Betr for sports betting license

May 24, 2024
Leer en Español

Betr is currently operational in Ohio and Virginia while hoping to launch in Colorado, Kentucky, Indiana and Pennsylvania in the future.

Betr, the online sports betting operator founded by social media creator and professional boxer Jake Paul along with Joey Levy, has been granted initial approval by the Maryland Lottery for a sports betting license in the state. 

The operator still needs to receive approval from the state’s Sports Wagering Application Review Commission and one final approval from the Lottery before it is cleared to be launched in Maryland. It is unclear at this time when Betr is expected to go live in the state. 

Betr is currently operational in Ohio and Virginia with hopes to launch in Colorado, Kentucky, Indiana and Pennsylvania as well. It was live in Massachusetts as well, but announced plans to leave the market in February after less than a year. The operator struggled to find much success in Massachusetts, accounting for less than 1% of market share.

Betr also attempted to find accelerated growth by entering an additional $15m in funding in March of this year. The extra $15m was entered into Betr Holding Incorporated’s strategic equity financing, bringing its funding total up to $100m.  

2023 financial reports were underwhelming for the operator, as it reportedly generated $20.3m in revenue for 2023 but had a net loss of around $32m. 

Maryland represents an intriguing market to enter for Betr, however, as the state recently reported a $486.3m sports betting handle for the month of April, of which $478m came from mobile sports betting. The April handle represented 48.1% year-over-year growth for the state.


Product Spotlight


Things get unruly in the company of some fleecy characters in the new Konami Gaming’s new Unwooly Riches slot series.

John Connelly - Interblock preparing to launch online by the end of year

John Connelly, the Global CEO of Interblock, joins the Huddle to talk about:
- The company's conversion to the online space
- The performance of ETGs
- Interblock's new philanthropic efforts
- The trend of companies going private
- And more!

Michael Hershman - Dispelling casino 'myths:' New York needs to lose fear of the unknown

Michael Hershman, CEO of the Soloviev Group, joins Tim Poole on the Huddle to put forward his case that the Freedom Plaza is the way to go for one of New York's casino licences. He fields a variety of questions - not shying away from any of them - on why 'myths' about casinos and a fear of the unknown should be dispelled, as well as acknowledging the strength of rival bids and discussing opposition to the project.

Five years ago, before the mass proliferation of social media we see today – and even before the Covid-19 pandemic – I think you would be hard pressed to find a CEO talking about “Instagrammable moments.” KPIs w...

The Global Gaming Awards: Looking ahead to 2024's ceremonies.
After more than a decade of celebrating gaming's best, Gaming America looks ahead to a bright 2024 for the Global Gaming Awards in the Americas and Asia-Pacific.
From the top: The Indian Gaming Tradeshow & Convention
Tribal gaming is a uniquely American institution and all its uncommon attributes were on display this April at the Indian Gaming Tradeshow & Convention in Anaheim, California.
Review: Terre Haute Casino Resort and Harrah's Hoosier Park Racing & Casino
Terre Haute Casino Resort vs. Harrah's Hoosier Park Racing & Casino, Gaming America's Laura Mack reviews each property.
Eureka Casino interview: CEO Andre Carrier on resort expansion
We spoke with returning guest, CEO Andre Carrier, about Eureka Casino Resort's expansion. He aims to not only change the look and feel of the casino, but to also build residential housing around it.