A new operator is emerging in the free-to-play online gaming market.
Social sportsbook Rebet has launched operations in 47 states across America providing users of the platform with access to a slew of betting markets powered by Sportradar.
Rebet, founded by a group of current students at Dartmouth College, provides users with peer-to-peer contests and a social feed that coincides with its unique betting experience.
“Our vision was to build a platform that would bring the social and communal aspects of fandom to the forefront of the sports betting experience, CEO Carson Hubbard told SBC Americas.
Rebet, which has raised seven figures in funding, features real-time betting markets from over 60 professional and college sports leagues. The bevy of wagering options allows Rebet to create an inclusive environment for new bettors or those with a wealth of experience.
“We’re continuing to expand our offering as we grow,” continued Hubbard. “We offer every standard market like your traditional moneyline, spread, and total points. But we also offer player props, specials, and more with tons of different markets for every sporting event.”
Rebet allows users to create contests between one another with customizable terms using a sweepstakes system as its free P2P wagering framework. Users can also place the same wagers as their friends with the platform’s signature “Rebet” feature that duplicates a pick.
“We are bringing together the sports betting community like never before in a seamless app offering unprecedented features,” said CMO Bella DiGiovanni.
Legal challenges for emerging operators
Rebet has launched amid contentious discussions regarding daily fantasy sports, peer-to-peer wagering platforms, and sweepstakes.
Several states across the country have implicitly laid out laws regarding sweepstakes creating difficulty for platforms like Rebet to operate. Michigan, a state that Rebet has yet to enter, permits sweepstakes but only if prizes are awarded based on chance and not skill. Michigan joins Idaho and Nevada as the only states without Rebet.
Fantasy operators PrizePicks, Underdog Fantasy and Betr are also facing legal hurdles.
Last month, the three companies were ordered to shutter operations in Florida for “offering or accepting illegal bets or wagers from [Florida] residents” and “conducting any illegal lotteries,” according to the Florida Gaming Control Commission. The commission believes that their pick’em style contests resemble player prop betting.
Despite their exit, DraftKings and FanDuel continue to offer DFS contests in Florida.
