Digital Transactions Authoritative, insightful and timely information for payments professionals
As online sports betting and iGaming continue to grow, Paysafe Ltd. has struck another deal with a betting app. Announced Monday, its agreement with Betr, a sports-betting app from social-media influencer Jake Paul, will serve Paysafe customers in Ohio and Massachusetts.
Betr launched in Ohio in January and in Massachusetts in March, and is available in 25 other markets. Its distinction is enabling micro-betting, in which bettors can place wagers on specific events within a sporting event, such as time of possession in an NBA game or the outcome of a play in an NFL or college football game.
The Paysafe deal means Betr users can deposit funds using a debit card in the iOS or Android version of the app. And it allows Betr to provide access to a range of alternative payment methods, including Paysafe’s digital wallet and e-cash products. Additional states are expected to be added as Betr’s reach expands.
Paysafe chief executive Bruce Lowthers said in May that opportunities for Paysafe’s wallets are increasing, with potential to rise along with cards in the iGaming market in particular.
Betr gained public awareness in 2022 when it raised $50 million in funding. Then, Paul, who serves as Betr’s president, said, “Micro-betting is the TikTok-ification of sports betting…,” adding that he wasn’t into sports betting until he was introduced to micro-betting.
Data from the Washington, D.C.-based American Gaming Association’s Commercial Gaming Revenue Tracker shows that online sports betting and iGaming accounted for 24.7%, or $4 billion, of gross gaming revenue in the first quarter, which totaled $16.6 billion for all gaming verticals.
The segment has been popular with payments companies as it can generate new revenue from new merchants. Earlier this year, Blackhawk Network added three states for its Game On card and PayNearMe added Kansas to its roster of iGaming and sports-betting states.
