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Compliance Updates

Betr Announces 2024 Online Sports Betting and iGaming Expansion Plans

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Betr Holdings Inc. (Betr), the Miami-based sports gaming and sports media company, announced new market access deals for online sportsbook and casino in Pennsylvania and for online sportsbook in Colorado and Kentucky.

The company has already secured market access in Indiana, has applied for a sports wagering license in Maryland, and is currently live in Ohio, Virginia, and Massachusetts with its beta product. Betr remains on track to launch V1 of its Sportsbook ahead of the 2024 NFL season. The announcement comes on the heels of a highly successful 2023 for Betr, where the company launched its real money fantasy sports product, Betr Picks, ahead of the 2023 NFL season. Betr quickly achieved significant scale via Betr Picks – both with respect to paying users and revenue – and has been able to do so efficiently and profitably as the company has quickly become a leader in real money Fantasy Sports.

Betr’s market access partnership is with the Cordish Gaming Group, the gaming division of The Cordish Companies, which owns and operates casino resorts in Pennsylvania, Maryland, and Louisiana. Pennsylvania will also be the first state where Betr will launch Betr Casino (pending regulatory approval), its regulated iGaming vertical.

“We are very excited to partner with Betr on the launch of their first online casino. Betr Casino will make a winning addition to the gaming options available to Pennsylvania players, which includes two of our own successful Live! Casino properties,” Rob Norton, President of Cordish Gaming Group, said.

In Colorado, Betr has secured online sportsbook market access with Boulter Developments, pending licensing approval from the Colorado Division of Gaming. Boulter Developments has also taken an equity interest in Betr.

“Boulter Developments is excited to be partnering with Betr in the wonderful state of Colorado, pending licensing approval from the Colorado Division of Gaming. Their innovative approach to the gaming space, along with their intuitive product and rapidly growing media arm, make this a no brainer partnership for us. Further, we are thrilled to be equity partners as we firmly believe Betr is the future of sports gaming in America as they continue to make sports and betting, betr,” said Steve Boulter of Boulter Developments.

In Kentucky, Betr has secured online sportsbook market access with the Eastern Band of Cherokee Indians, who have increased their existing equity stake in Betr previously acquired through an online sportsbook market access partnership covering an upcoming launch in Indiana (pending regulatory approval).

“On behalf of our JV equity stake in Revolutionary Racing Kentucky, DBA, Sandy’s Racing & Gaming, we couldn’t be more excited to expand our KY sports betting market access strategy with Betr,” Scott Barber, CEO of EBCI Holdings, said.

“Betr’s innovative suite of products and user-friendly app are truly cutting-edge technology, coupled with their unique approach to marketing and broadcasting sports related content, creating a differentiated product offering within a rapidly growing market. We are confident our expanded relationship with Betr (Indiana market access agreement) will be a perfect fit in the great sports state of Kentucky,” Scott Barber added.

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Throughout 2024, Betr plans on pursuing a phased set of launches of its new V1 Sportsbook product in all jurisdictions it has acquired market access in to date. The company has also elected to not renew its temporary sports wagering license in Massachusetts, trading a 7 million population state for over 23 million in the net new states for collectively less economics than it would have required to renew in MA alone. By the end of 2024, Betr plans on being live in Pennsylvania, Ohio, Virginia, Indiana, Maryland, Colorado, Kentucky with its V1 Sportsbook and to be live with its Casino product in Pennsylvania, in addition to the 20+ jurisdictions it currently operates Betr Picks.

“We are thrilled to announce our new market access partnerships for Sportsbook and the introduction of Betr Casino in 2024 ahead of our V1 Sportsbook launch. Through the success of Betr Picks, we have validated that our playbook of simpler and more intuitive user experiences built for casual fans on the product front, and original short form video built for the next generation of sports fans on social media on the distribution front, are winning strategies for rapidly and efficiently scaling a new real money gaming business in the US. The data we are seeing not only suggests that we are building a large and highly profitable real money gaming and media business, but that we are doing so by bringing new users into the category. We plan on replicating this playbook for Betr Sportsbook and Betr Casino after releasing V1 of our Sportsbook later this year. By the end of 2024, we should see a further step change in our scale, while also having successfully laid the foundations of at least four distinct business units: Betr Fantasy, Betr Sportsbook, Betr Casino, and Betr Media,” Joey Levy, Founder and CEO of Betr, said.

“The new states we have acquired market access in will offer Betr Sportsbook the opportunity to reach over 17% of the U.S. adult population by the end of this year, while Betr Picks will continue to be available to over 50% of the U.S. adult population. Finally, we want to thank the MGC for their great partnership during our temporary license period in Massachusetts and we hope to receive the honor and privilege of reentering this market at a later date,” Joey Levy added.

Compliance Updates

Michigan Gaming Control Board Orders MyBookie.ag to Cease Operations in the State

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The Michigan Gaming Control Board (MGCB) has issued a cease-and-desist letter to Duranbah Limited N.V., the operator of MyBookie.ag, based in Curaçao. The site offers a variety of casino-style games, such as slots, poker, and live-dealer games like blackjack, roulette, and craps. It also allows users to place bets on sporting events and horse races.

MGCB Executive Director Henry Williams stressed the agency’s dedication to safeguarding consumers and ensuring compliance with Michigan’s gaming regulations.

“Our investigation into MyBookie.ag found that their operations were accessible to Michigan citizens, which violates state laws. We are taking strong action to uphold the principles of fair and legal gaming,” Williams said.

MyBookie.ag offers numerous payment methods for deposits and the funding of players’ accounts, including Visa, MasterCard, American Express, PayPal, various cryptocurrencies (Bitcoin, Ethereum, Litecoin, and others), and MoneyGram. However, withdrawals can only be made via Bitcoin or bank wire transfer.

The MGCB’s investigation revealed that MyBookie.ag’s operation of online casino-style games for paying customers, without a valid Michigan gambling license, breaches several state laws, including:

• Lawful Internet Gaming Act: Internet gaming is only permitted by licensed operators. Only casinos licensed under the Michigan Gaming Control and Revenue Act and federally authorized tribal casinos within Michigan may apply for such a license.

• Michigan Gaming Control and Revenue Act: Operating a gambling business without an MGCB-issued license is a felony, carrying penalties of up to 10 years in prison, a fine of up to $100,000, or both.

• Michigan Penal Code: Gambling, which involves consideration, prize, and chance, is broadly prohibited. Accepting money or anything of value with the understanding that it will be paid based on the outcome of an uncertain event is illegal.

Duranbah Limited N.V. has 14 days from receipt of the letter to cease offering gambling services to Michigan residents, as required by the cease-and-desist letter. If the company fails to comply, the MGCB is prepared to collaborate with the Michigan Attorney General’s Office for further legal actions.

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Compliance Updates

MGCB Executive Director Applauds Reappointment of Board Member Deidre A. Lambert-Bounds by Governor

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The Michigan Gaming Control Board (MGCB) has announced the reappointment of Troy resident and Board member Deidre A. Lambert-Bounds by Gov. Gretchen Whitmer. This reappointment reaffirms the governor’s confidence in Lambert-Bounds’ dedication, integrity, and invaluable contribution to the agency’s mission of ensuring a fair and transparent gaming environment.

MGCB Executive Director Henry Williams expressed deep appreciation for the governor’s decision, noting that Lambert-Bounds’ continued leadership will greatly benefit the agency.

“Board member Lambert-Bounds has consistently demonstrated exceptional commitment and insight in regulating Michigan’s gaming industry, and we are thrilled to have her continue as a vital part of our Board. This reappointment is a testament to her unwavering dedication to upholding the highest standards of integrity and fairness,” said Williams.

Reappointed for a term expiring Dec. 31, 2028, Lambert-Bounds is the president and co-owner of Ignite Social Media LLC, and the chief operating officer and co-owner of its sister company, Carusele Media. She also serves on the executive boards of the Sphinx Organization, International Women’s Forum, and the Michigan Partnership for Equity and Opportunity.

The reappointment is Lambert-Bounds’ second four-year term of serving on the MGCB, representing Independents, for a term expiring Dec. 31, 2028. She previously served from July 22, 2021, through Dec. 31, 2024, and succeeded Barbara Smith, whose term expired Dec. 31, 2020.

The MGCB is responsible for implementing, administering, and enforcing the provisions of the law related to the licensure, regulation, and operations of the three authorized Detroit casinos — MGM Grand Detroit, MotorCity Casino, and Hollywood Casino at Greektown. The agency also licenses and regulates fantasy contests, regulates pari-mutuel horse racing and casino-style charitable gaming (millionaire parties), and audits tribal gaming compact agreements for the state’s 12 federally recognized tribes.

The Board comprises five Michigan residents appointed by the Governor, with one member designated by the Governor as the chairperson. Under the Michigan Gaming Control & Revenue Act, no more than three members may belong to the same political party.

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Compliance Updates

BMM Testlabs Earns Accreditation in Maranhão, Brazil To Test Fixed Odds Betting Systems and Lottery Platforms

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BMM Testlabs Earns Accreditation in Maranhão, Brazil To Test Fixed Odds Betting Systems and Lottery Platforms

 

BMM Testlabs, the world’s original gaming test lab renowned for exceptional product compliance and testing services, today announced its official accreditation to test systems and games for the Brazilian state of Maranhão.

This new accreditation allows BMM Testlabs to test fixed-odds betting systems and lottery platforms for the Maranhão market. The Company is now authorized in every Brazilian jurisdiction that has regulated at state-level online fixed-odds betting.

The Maranhão accreditation, issued by Maranhão Parcerias SA (MAPA/LOTEMA)authorizes BMM Testlabs to work with lottery operators in the state to ensure compliance and quality standards for the gaming and lottery industry through end-to-end product compliance testing for Maranhão’s standards.

Additionally, Brazil’s Secretaria de Prêmios e Apostas has federally authorized BMM Testlabs to test betting systems, live gaming studios, and online games used by fixed-odds betting operators.

BMM Testlabs’ Marzia Turrini, President of iGaming & Cybersecurity, said, “We are excited and deeply honored that the State of Maranhão’s official lottery has entrusted BMM Testlabs with the responsibility of testing products for their new online fixed odds betting program, knowing that we’ll do so with the highest levels of impartiality, technical expertise, transparency, efficiency, and, most of all, integrity.”

With the Maranhão accreditation, BMM Testlabs solidifies its position as the leading independent test lab in Brazil. BMM Testlabs is accredited in all jurisdictions that have authorized fixed-odds betting for online gaming and sports betting.

BMM Testlabs brings 44 years of global leadership in product compliance across regulated markets and is trusted by games, systems, and lottery manufacturers, suppliers, developers, and regulators worldwide.

In addition to product compliance testing, BMM Testlabs provides end-to-end cybersecurity protection solutions. Through its sister company, RG24seven Virtual Training, BMM also offers compliance-grade virtual training on responsible gaming, anti-money laundering, and other important topics – presented by industry experts and available in English, Spanish, and Portuguese.

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