Betr Prediction Market Platform Preparing to Launch

Betr, the betting platform co-founded by Jake Paul, is launching its own prediction market platform, Betr Predictions. The number of platforms entering the space is growing rapidly as companies capitalize on loose regulations.

Betr Prediction has a pending application with the National Futures Association (NFA), the organization that registers and supervises prediction market platforms.

The application is to become an introducing broker and a swap firm, in a similar manner to how Fanatics recently launched its own platform, Fanatics Markets.

Betr CEO Joey Levy is listed as the predictions platform’s CEO, and three other Betr executives are also named on the filing in various roles. Paul’s name is not included.

Betr Expands Gaming Options

The launch of a prediction market platform aims to follow the company’s release of a new product, Betr Arcade, earlier this year. At that time, Levy, stated, “We are in the business of trying to find as many ways to entertain our customers as much as possible.”

“Peer-to-peer skill games are a very big opportunity that many operators in sports aren’t currently focused on. We think that there’s generally a lot of white space here and room for other operators to come in and innovate, and we plan on expanding.”

He also added they were looking for other opportunities to add to the company’s portfolio, “as we are building a super app for the emerging gaming verticals.”

The company lost out to MIXI in a proposed takeover bid of PointsBet in Australia, following a bitter feud between the companies. Prediction markets have presented a new opportunity for expansion, offering a wider range of peer-to-peer gambling options.

Competition Increasing Among Platforms

While Levy said operators in sports aren’t currently focused on peer-to-peer skill games, companies are increasingly focused on prediction markets. Fanatics, Underdog, FanDuel, DraftKings, PrizePicks, and others have all partnered with regulated platforms to join the likes of Kalshi, Crypto.com, and Polymarket in offering the markets.

While the legal status of trading predictions on sports remains unclear, the industry is booming. Kalshi’s trading is almost exclusively on sports markets, with users generating over $1 billion in volume per week.

Betr has not publicly confirmed plans for its prediction market platform, but it will almost certainly include sports, which attract the greatest interest from users.

Levy stressed that Betr never launches a product in a state without being confident of regulatory approval and good standing. Kalshi, however, continues to face legal challenges nationwide. Connecticut is the latest state to fight back against the rise of prediction markets, but as more companies enter the space, that fight looks increasingly futile.