A significant milestone
According to its founder Joey Levy, Betr is the first online gambling operator in the US to ban users from making payments to their accounts via credit cards. Levy announced the move while speaking at the Global Gaming Expo in Las Vegas on Monday. He also took to Twitter later that day to share the news:
As well as the credit card ban, Betr will also introduce a deposit limit for all users between 21 and 25 years of age.
Explaining the decision behind these measures, Levy said that sports betting should “be about enhancing the way the mass market fan consumes & interacts with sports.” He added: “The experience should be like going to the movies & paying $20 for 2 hours of entertainment.”
Breaking into the US
Betr is a relatively new entrant to the US online gambling sector. The collaboration between Joey Levy and popular influencer Jake Paul raised $50m in August for a launch. Investors include rapper Travis Scott and NFL star Ezekiel Elliot.
Betr does not currently hold a real-money betting license
Its micro-betting app went live nationwide on September 2, only offering a free-to-play mode initially. Betr does not currently hold a real-money betting license in any state. However, it has submitted real-money license applications in certain states, including Ohio.
While it is rather confusing, there is no link between the US-focused Betr offering and the new Betr sportsbook that launched in Australia this week. The latter is a creation of well-renowned Australian gambling trailblazer Matthew Tripp. He aims to become the most prominent sports betting brand in the country.
Important RG tools
Banning the use of credit cards is nothing new to the global online gambling sector. Numerous regions have such bans in place on all licensees. The UK Gambling Commission (UKGC) introduced its own ban on credit card gambling in April 2020, which covers both retail and online offerings.
While the UKGC does not have mandatory deposit limits in place, most operators will allow users to voluntarily put a cap on how much they can deposit in a given period.
Elsewhere, Ireland also banned the use of credit cards for gambling in August 2021. The measure was part of the latest version of the Irish Bookmakers Association’s code of practice for safer gambling.