Noted Gambler Flaunts Wager Against Competitor with Judge-Ohtani Home Run Prediction
Jake Paul, co-founder of Betr, sat slouched at a table, his head bowed in disappointment. The cause of his dismay? OddsJam co-founder Alex Monahan raking in a impressive $60,000 in one night, all thanks to a foresightful bet on Betr Picks, Betr's very own fantasy product.
"I'm gonna fire whoever thought up that promotional offer," Paul grumbled.
Monahan, with over 100,000 followers to boast, wagered on Aaron Judge and Shohei Ohtani both hitting home runs - a gamble that paid off handsomely when Judge and Ohtani both did exactly that on an early July night. According to Monahan, the odds boost offered by Betr was a gold mine - way better than what most other sportsbooks were offering.
"I could tell just by checking dozens of other sportsbooks that they were mispricing this," Monahan explained in a YouTube video detailing his winning bets. "It should've been about an 8X or 7X payout, but Betr was giving us a 10X payout."
It's estimated that Betr paid out a hefty $10 million that night to customers who copied Monahan's bet, although the exact amount might be higher. The financial hit was undoubtedly significant for Betr, and Paul's sarcastic response to Monahan's victory, which Betr shared on social media, gained nearly two million views.
But could this seemingly disastrous incident hold some marketing benefits for Betr? According to industry analyst Adam Rosenberg, the answer is a resounding no. In fact, such viral occurrences typically help new and less-recognized brands more than struggling ones.
Betr's main issue isn't brand recognition, as Rosenberg points out. The platform's focus on microbetting hasn't seemed to draw in the volume of users Betr had hoped for. As of now, Betr's app has seen the lowest number of wagers among Ohio operators, reporting just $220,674 worth of bets in May - a loss of $24,559. In Massachusetts, Betr's market share was less than 0.1% before its departure.
Despite these disappointing figures, Betr remains determined to expand into new markets, planning to enter Maryland soon and eyeing the Colorado and Kentucky sports betting markets. The company is also working on updating its betting platform, aiming for a more polished product before the start of the 2024 NFL season. Additionally, Betr hopes to launch an online casino product in Pennsylvania.
However, according to Rosenberg, Betr's plans and offerings currently feel fragmented and lacking a clear direction. While the viral social media interaction surrounding Monahan's win made for entertaining posts, it remains to be seen if such ephemeral virality can translate into a lasting gambling brand for Betr.
- Jake Paul, disheartened by a large payout to Alex Monahan from Betr Picks, mused sarcastically, "I'm gonna fire whoever thought up that promotional offer."
- Monahan, leveraging his 100,000 followers, wagered on Aaron Judge and Shohei Ohtani hitting home runs, earning a 10X payout due to the favorable odds boost offered by Betr.
- According to Monahan, the odds boost from Betr was significantly higher than what most other sportsbooks were providing, with his winning bet potentially yielding an 8X or 7X payout.
- Although Betr paid out a substantial $10 million to customers who mimicked Monahan's bet, industry analyst Adam Rosenberg doubts that this viral event can foster a lasting gambling brand for the platform.
