Maryland Lottery grants initial approval to Betr for sports betting license

May 24, 2024
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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.

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