Sports gaming and media company Betr Holdings announces a license acquisition Thursday morning that will help with vertical integration for the sports betting sector.
What Happened: Betr Holdings, which was valued at $375 million in a funding round in March, has acquired a license to Huddle Tech's sports gaming technology.
The acquisition will allow Betr to build upon the intellectual property of its sports gaming platform. Betr can fully leverage Huddle Tech's technology stack that could increase options for customers for risk and trading tools, same game parlays, same game parlays plus, player props, futures and more.
"We expect this transaction to be transformative for Betr, as we now have accelerated our product roadmap by years, have vertically integrated our product and therefore have further improved an already strong gross margin profile for our business," Betr CEO and co-founder Joey Levy said.
Levy, who co-founded Betr with Jake Paul, said the license acquisition could make Betr more advanced or on par in the sports betting space with competitors.
"We now have the capability to build our own product and technology and are no longer reliant on third parties in a significant way."
Huddle CEO Francesco Borgosano said Betr's vision aligns with the Huddle's commitment to innovation and excellence in the sports betting and iGaming sectors.
"We look forward to supporting their growth and success in the U.S. market," Borgosano said.
Read Also: Betr Picks Plans Multi-State Expansion ‘Ahead Of Upcoming NFL Season,’ CEO Says
What's Next: Betr integrated Huddle Tech's software into its new sportsbook platform. The new sportsbook is on track to launch ahead of the upcoming 2024 NFL season in Ohio and Virginia, two states where Betr has already been operating its beta sportsbook product.
Betr also has temporary sports wagering licenses for the states of Indiana and Maryland. The company has also secured sports wagering market access for the states of Colorado, Kentucky, and Pennsylvania.
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