Betr announced Thursday that it had acquired a license for Huddle Tech's sports gaming technology, which will help the microbetting-focused platform enhance its sports wagering offerings.
Betr, which was co-founded by social-media-influencer-turned-professional-boxer Jake Paul, also said it had incorporated Huddle Tech's stack into its new-look sportsbook ahead of the upcoming NFL season. Betr has been operating a beta version of its sportsbook in Ohio and Virginia.
The technology augments what Betr calls the "best-in-class" for oddsmaking, risk and trading, as well as its same-game parlay products. All of the enhancements span both pre-game and in-game wagering.
“We expect this transaction to be transformative for Betr, as we now have accelerated our product roadmap by years, have vertically integrated our product and therefore have further improved an already strong gross margin profile for our business, and will be more advanced or at least on par from a sports gaming content standpoint than our competitors,” said Joey Levy, co-founder and CEO of Betr, in a joint statement issued by the two companies. “We now have the capability to build our own product and technology and are no longer reliant on third parties in a significant way.”
"We are thrilled to see Betr utilize our software technology to enhance their sports gaming offerings,” added Francesco Borgosano, CEO of Huddle. “Betr’s vision aligns perfectly with our commitment to innovation and excellence in the iGaming sector, and we look forward to supporting their growth and success in the U.S. market."
Can Betr Make an Impact During Football Season?
Beyond operating in Ohio and Virginia, Betr has temporary sports wagering licenses in Indiana and Maryland and market access in Pennsylvania, Colorado, and Kentucky. It left the Massachusetts market in February, having generated just $3 million in handle from its launch in May 2023 — less than 0.1% of the $4.86 billion in mobile wagering during that span.
Betr is nearing $10 million in total handle in Ohio, where it was part of a mass mobile launch on New Year's Day last year. Its $168,700 in promotional spend in the Buckeye State through the first six months of this year is slightly ahead of the $149,400 in adjusted gross revenue it has claimed.
Monthly Freedom of Information Act requests fulfilled by the Virginia Lottery show that Betr has taken barely more than $1 million worth of wagers since launching last September, with nearly 25% of that amount coming in that initial month. Its $160,300 in promotional spend in the Old Dominion has resulted in a net AGR of minus-$81,900.
August is the last month Betr is allowed to deduct promotional spend against its gross revenue. It has yet to pay state taxes since launching last fall, operating from an AGR deficit due to its spend.
