Betr is live in Virginia for sports betting, but will stick with its first three states until new technology is ready to launch.
The Jake Paul-backed sportsbook plans to launch a new platform on the Chameleon technology acquired from FansUnite. Development is underway and will launch in the first half of 2024.
Better tech for betr?
Betr paid FansUnite just over $7,300 for the platform’s source code in May in cash and warrants for preferred shares of betr, according to financial filings.
The company is bullish on the opportunities the new tech presents: “The Chameleon acquisition allows the company to develop its upcoming V1 OSB product, which will feature full sportsbook capabilities including pre-match and in-play core markets, parlays, same game parlays, futures, props, and other bet types, along with over 20 additional sports.”
The current iteration of the platform, V0, is a beta product that will remain live in its three states until V1 is ready next year.
Betr hit with fine before launch
Betr ran afoul of Virginia sports betting rules before it accepted its first bet.
After receiving its license in March, the company told the lottery an officer “neglected to disclose the existence of a Securities and Exchange Commission inquiry into an issue unrelated to gaming or sports betting.”
That investigation concerns Paul and his involvement with certain cryptocurrencies. CEO Joey Levy signed off the $25,000 settlement last month.
Brand in 27 states including DFS
While its sports betting is only approved in three states, the company’s fantasy platform, Betr Picks, is available in 24 additional states.
The prop-style fantasy operation launched July 31 and is available in key sports betting states like California and Texas.