In a significant move, microbetting platform Betr has secured a mobile sports betting license from the Virginia Lottery. This development marks Betr’s expansion into its third US state, following prior licensing in Ohio and Massachusetts. While the company also holds market access in Indiana through Caesars Southern Indiana, it is still awaiting approval from the Indiana Gaming Commission. Although Betr hasn’t provided a specific launch date for Virginia, the announcement reflects its commitment to delivering an innovative sports betting experience to enthusiasts.
Betr’s CEO, Joey Levy, expressed enthusiasm for this achievement, stating, “We’re thrilled to receive approval for our sports betting license in Virginia, and appreciate the seamless work with the Virginia Lottery Board to bring our product to customers in Virginia. This is an important milestone for us, and we can’t wait to bring our differentiated product experience to sports fans throughout Virginia.”
Virginia’s Growing Sports Betting Landscape:
Virginia’s sports betting landscape has been experiencing noteworthy growth. The Virginia Lottery reported that the state’s sports betting handle reached $513.1 million in January, marking a 2% increase compared to the $503 million reported in December 2022. On a year-on-year basis, this reflects a 5.7% rise, showcasing the sustained upward trajectory of the state’s sports betting industry.
Gamblers’ total winnings for January amounted to $463.4 million, leading to a combined operators’ win percentage of 9.69%. Although this win percentage was slightly lower than the previous month, the overall industry performance remained strong. Bonuses and promotions extended to a total of $768,221, while other deductions totaled $6.7 million. Consequently, the combined adjusted gross revenue (AGR) for the industry stood at $41.8 million, demonstrating an 11% decline from December’s $47 million.
Betr’s acquisition of a mobile sports betting license from the Virginia Lottery marks a significant step forward for the platform’s expansion into the US market. With existing licenses in Ohio and Massachusetts, and market access in Indiana, Betr is poised to offer its innovative sports betting experience to a wider audience of enthusiasts. Virginia’s sports betting landscape, as indicated by the January figures, is witnessing steady growth, making it an attractive market for companies like Betr to tap into. As the industry continues to evolve, it will be intriguing to observe how Betr’s entrance shapes the competitive dynamics and enhances the overall sports betting experience for consumers in Virginia.