BettHouse Announces New Funding Round Ahead of Iowa Launch

BettHouse Announces New Funding Round Ahead of Iowa Launch
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Iowa is getting another online sports betting platform.

BettHouse, a tech start-up company founded last year and based in Las Vegas, announced a round of new funding on Tuesday prior to its initial debut in Iowa next month. It also said it expects expanding to four states by the end of 2021, but did not identify the new states.

“BettHouse’s mission is to create a simpler, more profitable and engaging betting experience all fans will love,” Steve Berman, BettHouse chief executive officer, said in a news release. “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.”

Powered by Bet.Works and Simplebet, BettHouse said it will focus investment on IP (intellectual property) development and it will pursue market access in jurisdictions where sports betting is legalized or where legislation is pending, including Canada, according to the release.

“The U.S. betting market is projected to be worth $15 billion by 2025, but such projections are based on the current product landscape,” BettHouse President and Founder Nitin Jain said in the release. “BettHouse will focus on the micro-markets, which will expand revenue and handle above traditional offerings via more betting opportunities for customers.”

On its website, BettHouse says the future of sports betting is fan engagement and it points out ways it does that — engaging with zero learning curve, automated market mechanics, making next play in-game wagering the feature and creating simple games for typical sports fans.

Iowa Sports Betting

Although Iowa sports betting handle dipped in February after reaching an all-time high in January, the market remains strong because in-person registration is no longer required. The slight decrease in Iowa in February could be attributed to the shorter month and fewer NFL games to bet on.

February’s $143.62 million handle was a drop of 4% from the previous month. In January, sports wagering handle was a record $149.52 million.

Casinos in Iowa can add a third sports betting skin after the state's Administrative Rules Review Committee recently approved the rule change. It goes into effect on Wednesday.

TheScore Bet launched in Iowa on Feb. 16, giving the Canadian sportsbook operator four active states. TheScore Bet secured market access in Iowa through an agreement with Penn National Gaming.

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