New Betting App Betr Bans Use of Credit Cards
Betr is a new player in the online sports betting world but it is making waves despite its infancy. Betr refers to itself as a micro-betting app, making it possible to bet on every moment of a sporting event, from there being a corner in the next minute, to whether the next NFL play will be a pass or a run. The app is currently live in the United States, but is aiming for an Australian licence. More on that soon.
The 2022 Global Gaming Expo is in full swing in Las Vegas, Nevada, the gambling capital of the world. Many of the companies showcasing their products offer a mobile casino, or new-fangled roulette games, but not Betr. The micro-betting company hit the headlines this week by limiting banking options and keeping tabs on young customers. This sounds negative, but it is a significant step in the right direction.
Betr Sets Deposit Limits for 21-25 Year Olds
Betr launched its free-to-play gaming app across several U.S. states last month. Often controversial YouTube sensation Jake Paul and entrepreneur Joey Levy co-founded the company. The company stunned the crowds at the Global Gaming Expo when it announced it has banned credit cards from its app. Instead, Betr allows debit cards and pre-paid cards to make deposits.
The banning of credit cards as a deposit method is the first undertaken by a sports betting company. Some banks and financial institutions already do not allow customers to use credit cards to gamble. However, most sports betting and online casino sites do.
There is a defined link between problem gamblers and those using credit cards for gambling.
The younger generation of gamblers are more at risk of succumbing to gambling harm. Having less disposable income is one significant reason for this statistic. It is also why Betr limits the deposit amounts for 21 to 25-year-olds. It is great to see a gaming company take responsible gambling seriously.
Matthew Tripp’s Planned Launch in Australia
Prominent Australian gambling entrepreneur Matthew Tripp has laid out plans to launch a new sports betting company in Australia. Tripp is hopeful of launching ahead of the Everest Carnival and the Caulfield Cup. He is keen to attract younger customers in what is a competitive market.
Ironically, Tripp is behind another company calling itself betr, which will almost certainly lead to some legal action down the line. Tripp, together with News Corp Australia, is focusing entirely on sports betting, leaving online casino games and similar alone.
According to reports last week, Tripp remains in discussions with WA TAB and the Victorian government about a wagering licence.
“We think WA TAB is a must for us as a start-up, we haven’t re-entered this market to play second fiddle to anyone,” said Tripp. “We want to grow sensibly through M&A and organically with the partnerships that we forged with everyone, and believe we will be a tier one operator very quickly, but in time the most prominent brand in the country.”
Tripp has enjoyed more than his fair share of success with Australian sports betting companies. He built both BetEasy and Sportsbet brands almost from scratch; his reputation glows.
The new betr partnership with New Corp Australia, sees News Corp own 33%, with prominent players BetMakers Technology Group and Las Vegas-based Tekkorp Capital owning a larger share, too.
The new company has 60 staff on its books, but is expanding to 120. Tripp is strengthening his team with the acquisition of TexBet. In addition, he placed an offer to acquire PointsBet. That offer is under consideration at the time of writing.
