The co-founder and CEO of online casino Betty says the company is splitting off its Ontario-focused business as it aspires to become “the McDonald’s of iCasino.”

In a full quarterly report shared with Canadian Gaming Business, Justin Park, told investors that the company’s ambitions of “transforming Betty into a global casino powerhouse will be manifested through a decentralized franchise model.”

Betty is based in New York but has a Toronto office. Its Ontario market business has been the sole focus of its operations since it was founded in 2022. Betty launched in Ontario in February 2023 with the aim of engaging demographics such female gamblers who were not necessarily catered to as a primary audience by most online gaming brands.

In the early months of 2024, Betty announced that it had raised $5 million in pre-series A funding led by CEAS Investments and also agreed a deal with Stakelogic to host its range of online slots and live casino products. It has also partnered with the likes of Kinectify and GeoLocs in Ontario.

In the update, Park noted that the goal for 2024 was to achieve a $20 million USD net revenue run rate and grow its customer base to 6,600 active monthly players. The company ended the year on $114 million USD ($164 million CAD) and nearly 40,000, respectively, the latter representing an eight-fold increase in players since the start of 2024.

Park wrote that that Betty’s ambitions “have expanded tremendously.” To match those ambitions, the company is overhauling how it does business.

Ontario business renamed Betty Canada, company’s first franchise

Now, Betty’s Ontario operations will be known as Betty Canada and will be the first owned and operated franchise under a new business model.

Betty Canada will be led by Park’s fellow co-founder Chavdar Dimitrov as CEO. Park noted that Dimitrov has outlined a plan to double revenue through several key initiatives, including launching a fully native mobile app and beginning to develop original games.

The parent company will expand into other markets, with Park namechecking Betty USA and Betty LATAM as “exciting opportunities for future growth.” Another important step is expansion into Alberta whenever that province opens its doors to commercial online casinos, slated to be in the second half of this year.

Each franchised partnership will have its own brand, technology, digital user acquisition process, operating playbook and startup capital. The franchises will be overseen by dedicated CEOs with significant ownership stakes who will be responsible for acquiring local licenses, building the local team, localizing the brand, partnering with local investors and strategic partners and more.

“Much like McDonald’s, Betty will establish a worldwide presence by partnering with top-tier managers and providing them with the necessary tools for success,” wrote Park. He added that he believes the winning approach in online casino gaming is to “find extremely competent managers, set them up for success and get out of their way.”

Betty will siphon revenue from the fully-owned franchises own gaming revenues, as well as by generating IP licensing fees from third-party franchises. Betty also aims to develop its own games for licensing by 2025, creating another potential revenue stream.

“Capital markets are ultimately looking for online gaming assets that are both high growth and profitable,” concluded Park. “The decentralized model will drive growth, while high-margin licensing revenues will establish a solid foundation of profitability.