WagerWire bringing secondary-market technology mainstream with Betr
Partnership between betting startups will see active wagers become tradable assets like stocks
WagerWire is set to bring its secondary-market technology mainstream as part of an integrated partnership with Betr.
WagerWire’s marketplace technology, which allows active sports bets to become tradable assets like stocks, will be integrated into Betr’s V1 sportsbook platform that’s slated to go live in 2024 and will expand on its current micro-betting product.
Once operational, Betr will become the first online operator to offer micro-betting, traditional wagering, and a secondary marketplace where bets can be bought and sold at any time.
“While secondary markets are commonplace for things like concert tickets, trading cards, and even fashion, it has yet to exist at scale in sports betting – until now,” said WagerWire co-founder and CEO Zach Doctor.
“WagerWire’s technology creates a new category that supercharges the fan experience,” Doctor continued. “Sports betting should be as fun and exciting as the sports themselves.”
In addition to building innovative technology, WagerWire and Betr share a vision of making sports betting more relatable and engaging to the masses by leading the charge in transitioning the industry away from the commoditized product offerings that currently dominate the market.
“We are excited to partner with the WagerWire team, who shares our perspective that there is a significant opportunity to enhance the sports betting user experience through product innovation,” said Betr founder and CEO Joey Levy.
Given the prevalence of marketplace platforms across other verticals – Robinhood, StockX, Coinbase etc. – WagerWire’s core use case looks to be well-established. And according to data from an independent study conducted earlier this year, recreational bettors are looking for more optionality in their wagering experience.
Of those surveyed, 76% of respondents said they would place more bets and 72% indicated they would place bigger bets if they had access to a secondary marketplace.
The appetite for betting more parlays (84%) and futures (80%) was even greater, as those higher-risk, higher-reward bet types are particularly conducive to stock-like trading.
WagerWire, which is in the process of putting together its flagship group of sportsbook partners, is backed by Marlins co-owner Roger Ehrenberg, 305 Ventures, and NBA All-Star Richard Jefferson, among other investors.