Betr, the online sports betting platform co-founded by Jake Paul and Joey Levy, has received initial approval for a sports betting license from the Maryland Lottery. The company must still gain approval from the state’s Sports Wagering Application Review Commission and one final nod from the Lottery before launching in Maryland. The exact launch date remains uncertain.
Currently, Betr operates in Ohio and Virginia, with plans to expand to Colorado, Kentucky, Indiana, and Pennsylvania. Although Betr launched in Massachusetts, it exited the market in February after less than a year, struggling to capture more than 1% of the market share.
To support its growth ambitions, Betr secured an additional $15 million in funding in March 2023, bringing its total funding to $100 million. However, the company’s 2023 financial performance was disappointing, with revenues of $20.3 million but a net loss of approximately $32 million.
Jake Paul and Joey Levy continue to steer Betr towards expansion despite these challenges. “We’re focused on securing the necessary approvals and launching in new states,” said Levy.