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Betr Cofounders Believe Micro-Betting is the Key to Broadening Sports Betting’s Appeal
Micro-Betting vs Standard Betting, a Breakdown of the Two Different Strategies
Levy and Logan Think Sports Betting Apps Too Complicated for Curious New Bettors
Imagine you’re watching your favorite NFL team play their biggest rival – maybe you’re a Cleveland Browns fan and they’re playing the Pittsburgh Steelers; there’s a minute left, your Brownies have the ball, and they need a field goal to win, and you know in your heart they’ll kick it.
Now picture taking out your mobile device and tapping on an icon and within half a minute you have placed a $5 bet that Cleveland will successfully make that drive and field goal, that easy transaction called a ‘micro-bet’ that is fast becoming the next big thing in legal sports betting.
That’s where the partnership of Joey Levy and Jake Paul enters the story – Levy the cofounder of the micro-betting product developer Simple bet and Paul the infamous social media influencer and professional boxer – creating the Miami-based company named Betr, pronounced “bettor.”
Their ongoing mission is to bring micro-betting to the forefront of US sports betting, their attempt at grabbing a bigger slice of the sports betting market that right now has, out of the 150 million sports fans that live in the United States alone, about 3 million active bettors as customers.
“This is all about enhancing the way the mass market fan consumes sports … We want to create as seamless a user experience as possible.”
That won’t be an easy goal to accomplish given the complicated nature of micro-betting.
For anyone new to the sports gambling experience, bettors typically place traditional wagers on their favorite teams and matchups, like against the spread, money line, or total points bets, whereas micro-betting is a type of betting that's tied to the result of a play or series of plays.
The oddsmakers isolate specific events in popular live games and offer odds on those activities that sports bettors can bet on, like the aforementioned Browns' final drive, or maybe whether your favorite quarterback completes the next pass or if there will be an interception or fumble.
Every sport has its own set of micro-bets, and some of the advantages of them over traditional bets is that they can be for a lot less money (maybe $5 or $10 for a micro-be vs $50 and $100 on a traditional wager), they can happen in-game, and there is a huge variety to choose from.
Levy likens the micro-bet experience to any other outing where entertainment on a budget is the primary goal, saying:
“It’s like paying $20 to go to the movies. Take $20, and you bet $2 on a play, $5 on a drive, make it more engaging, and that’s it.”
Fun stuff, but that action is technically complicated to execute.
A driving force behind Levy’s quest to dominate the legal sports betting market was his initial experiences with the tricky sportsbook apps that made signing up and placing wagers a complicated process, something that if improved upon could attract more users to the field:
“I think in 10 years from now, what you see today will be considered a niche product that’s for the power user. So, with Betr, I’m not saying there’s going to be 150 million sports bettors in the country, but I think there could be 10, 25 million, 30 million.”
It’s a polite heads up to any modern sportsbooks who have yet to hire a specialist to speed up and enhance the sports betting customer’s UI and UX (user interface and user experience), improvements that will no doubt continue to happen as this new legal U.S. market evolves.
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Mike Lukas is a retired standup comedian turned freelance writer now living in Dallas, Texas, originally from Cleveland, Ohio. His love for the game of football and all things Cleveland Browns turned Mike into a pro blogger years ago. Now Mike enjoys writing about all thirty-two NFL teams, hoping to help football gamblers gain a slight edge in their pursuit of the perfect wager. Email: [email protected]More info on Mike Lukas
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