Betty plots “McDonald’s of icasino” franchise model for global expansion
Ontario-focused operator lays out future business plans, as Q4 shareholder letter details full-year 2024 net revenue of $114m and more than 39,000 active players.
Betty plans to implement a franchise-style model as part of the online casino operator’s vision for international expansion.
In a shareholder letter reviewing Q4 performance, seen by EGR, the online casino-only firm explained that a “decentralised franchise model” would allow it to achieve its global ambitions.
In effect, local managers would be provided with the Betty IP, technology, operating blueprint and startup capital to launch local Betty brands worldwide.
As a CEO of a franchise, those individuals would be responsible for acquiring local licences, building teams, localising brand and operating the business.
The shareholder letter, penned by group CEO Justin Park, said Betty would achieve scale in “an entirely different way” by becoming “the McDonald’s of icasino”.
He also suggested Betty USA and Betty Latam represented “exciting” near-term growth opportunities under the model.
Betty Canada – the new name for the owned and operated franchise in Ontario – has already been established, with a new CEO in the shape of Betty co-founder Chavdar Dimitrov.
Dimitrov is supported by COO Emil Yordanov, CFO Dan Evans, chief revenue officer (CRO) Deyan Valtchev and chief compliance officer (CCO) Aneliya Vu.
Betty, which was founded in 2022 with a $1.8m pre-seed round, said a wholly owned franchise would generate gaming revenue, while IP licensing fees would be derived from third-party franchises.
The company also said it plans to develop its own in-house online casino games this year, creating “another potential revenue stream for the parent company through game licensing”.
Park revealed that he drew inspiration for the decentralised approach from companies including multinational conglomerate Berkshire Hathaway and rail operator Amtrak.
In terms of full-year 2024 fiscal performance, Betty exited the year with $114m in net revenue and more than 39,000 active players. The target at the start of 2024 for the year ahead had been $20m in revenue and 6,600 actives.
Park added: “In 2024, we perfected the revenue motion and blitz scaled. We formed a management team of all-stars, augmented all the business’s muscles in unison and established an operating rhythm.
“Moreover, we tapped into a new level of courage and conviction that we have what it takes to be the best in the world.
“I want to extend my heartfelt thanks to our team for their incredible diligence, focus and persistence. I have never had the pleasure to work with such an amazing group of people.”
Betty presented a chart showing how its 4.5 score on review site TrustPilot was higher than Ontario rivals including Bet99 (3.8), NorthStar Gaming (2.2), and BetMGM (1.6).