BettHouse, the tech start-up that has become the first non-legacy sportsbook to gain market access in the US, has announced a new funding round ahead of its roll-out across the nation.
The Las Vegas-headquartered online sportsbook and mobile app will debut in Iowa next month, with plans to expand to four states by the end of 2021.
Integrating Bet.Works’ technology platform and Simplebet’s micro-betting pricing engine, which uses machine learning and automation to enable every moment of every sporting event to become a betting opportunity, BettHouse aims to be the go-to brand for millions currently turned off by confusing betting lingo and stale cookie-cutter platforms.
CEO Steve Berman, who has successfully created and launched multiple companies and products in more than 25 years in US sports betting and igaming, said: “The conventional sports betting industry is leaving money on the table by requiring an unreasonable level of understanding of traditional sports betting terminology from customers.
“From the moment a consumer opens our app they will see and feel the difference. BettHouse is simple, fan-friendly, intuitive, and positioned to speak to a sports fan first. By offering that instant gratification, we will appeal to everyday fans and traditional sports bettors.”
The firm’s senior team includes President and Founder Nitin Jain alongside Michael Blocksberg, Chief Operating Officer; Matt Birnbach, Chief Strategy Officer; and George Burkhardt, Chief Financial Officer.
The company will focus investment on IP development and the pursuit of market access in jurisdictions where sports betting is legalized or where legislation is pending. This includes multiple US states and Canada, where Federal Government-backed legislation to end restrictions on single-event sports wagering is progressing.
Jain commented: “The US betting market is projected to be worth $15bn by 2025, but such projections are based on the current product landscape. BettHouse will focus on the micro-markets, which will expand revenue and handle above traditional offerings via more betting opportunities for customers.”