Jake Paul’s Sports Betting App to Ban Bets by Credit Card
Mike Stobe/Getty Images. Pictured: Jake Paul.
Betr, a sports betting app co-founded by YouTuber-turned boxer Jake Paul, will have several "first of its kind" restrictions on user deposits, CEO Joey Levy said Monday.
Speaking at the Global Gaming Expo conference in Las Vegas, Levy said the micro-betting focused Betr will ban users from funding their accounts with credit cards and enforce deposit limits on bettors under 25.
— Jake Paul (@jakepaul) October 10, 2022
Most legal sportsbooks accept credit card deposits, though they're not allowed to do so in a few states like Iowa, Rhode Island and New Hampshire.
There's no hard data on whether a credit card ban has led to a rise in bets funded with alternative forms of credit like cash advances, but Levy called it a necessary step towards the app's plan to target a younger audience.
He did not specify to what extent bettors under 25 would be limited.
Betr has yet to launch, but its business model is centered around delivering to a younger audience what Paul has called the "TikTokificaiton" of sports betting.
Its tech is focused around a real-time micro betting experience delivered to users in a constantly scrolling setup, not so different from TikTok's endless video feeds. Already, sportsbooks like DraftKings and PointsBet have compensated by launching their own "flash bet" properties in recent months, although similar betting methods have been around for years.
Levy, who co-founded sports betting tech company SimpleBet, has raised over $50 million in funding so far.
The app has filed a notice of interest with the Massachusetts Gaming Commission, which is working on launch online sports betting by early 2023.