Jake Paul's Betr to enforce credit cards ban, deposit limits for under-25s

Micro betting-focused sports wagering operator Betr announced its app will become “the first” in the United States to ban the use of credit cards for gambling. The move was announced Monday at the Global Gaming Expo in Las Vegas, which is taking place Oct. 10-13 at The Venetian. Additionally, and in a second effort to promote responsible gambling, the brand will also be setting deposit limits for users that are 21-25 years old.

The brand, which was first unveiled in early July and was co-founded by Simplebe’s Jake Levy and media mogul Jake Paul, will instead allow other payment options such as pre-paid cards or debit cards to make deposits on its app. Following the G2E announcement, Levy explained the decision in a LinkedIn post.

“Sports betting should be about enhancing the way the mass market fan consumes and interacts with sports,” the entrepreneur stated. “The experience should be like going to the movies and paying $20 for 2 hours of entertainment. Watching a live game and spending $20 on Betr to make that game more entertaining.”

“If Betr is going to be the category-defining sports betting company in the U.S., which we have every intention of becoming, then it makes sense that we also ought to be the company to pioneer what responsible play looks like for the mass market consumer,” he added in a Twitter post. “We will win by becoming the primary app folks use to enhance the way they watch sports. As sports betting proliferates nationwide, we have a responsibility as leaders to get this right.”

Betr also announced Monday an exclusive partnership with Prizeout that confirms the tech company as the only method of withdrawals within the app for free-to-play winnings. Additionally, Prizeout will also be included as a withdrawal option for future real-money betting once launched within the sportsbook application.

If @betr is going to be the category defining sports betting company in the U.S., which we have every intention of becoming, then it makes sense that we also ought to be the company to pioneer what responsible play looks like for the mass market consumer. https://t.co/GdVhqlwtuR

— Joey Levy (@joeyslevy) October 12, 2022

“With the partnership, Betr users can now access Prizeout’s platform to withdraw their winnings in the form of digital gift cards to their favorite brands - many of which offer added value on top of the gift card amount,” the parties noted. “Upon withdrawal approval, gift cards are delivered instantly and cost the customer no transaction fees.”

The Betr app initially launched as a free-to-play version in September, focusing on enabling users to predict the outcomes of specific moments of sporting events (micro-betting) within the MLB, NFL, NBA, NCAA Football, and more. It is currently available nationwide under its F2P version, and will be available in select states for real money betting “over the coming months.”