Betr has signed a technology integration and media partnership with WagerWire, a marketplace technology and media company. The partnership will allow bettors to ‘buy and sell active sports bets and fantasy entries’.
The deal will add a betting ‘secondary market’, whereby users are able to purchase betslips and bets made by other players at odds that may no longer be obtainable. It effectively serves as a peer-to-peer cashout option, with the sportsbook operator not taking any financial risk on the early cash out opportunity.
The release suggests that the partnership will be “unlocking new ways to strategize, speculate and profit. The partnership serves to further differentiate Betr’s core user experience in an industry inundated with commoditized products.”
Zach Doctor, Co-Founder and CEO of WagerWire commented: “While secondary markets are commonplace for things like concert tickets, trading cards, and even fashion, it has yet to exist at scale in sports betting – until now. We have great admiration for what Joey Levy, Jake Paul and the entire team at Betr have accomplished as both a gaming operator and media company.”
He continued: “WagerWire’s technology creates a new category that supercharges the fan experience. Sports betting should be as fun and exciting as the sports themselves. This can only be achieved through a holistic approach that pairs an intuitive and gamified product with engaging media and an impassioned community. I’m proud to say Betr shares this vision.”
A survey cited (but unverified) suggests that if users were offered the ‘option of a secondary marketplace’ 76% would place more bets, and 72% would place larger bets. 84% would place more parlays, and 80% more futures. It also adds that 90% of bettors would rather sign up for a sportsbook offering a secondary betting marketplace.
Joey Levy, Founder and CEO of Betr added: “We are excited to partner with the WagerWire team, who shares our perspective that there is a significant opportunity to enhance the sports betting user experience through product innovation. We are looking forward to integrating their technology into our new V1 sportsbook platform being built on top of the recently acquired Chameleon platform, which remains on track to go live next year.”
Betr’s Ohio mobile sports betting share was just 0.1% in July, and the company recorded 0.5% of the total Massachusetts online sports betting market in a stuttering start.