Betcha By Golly Wow! was the first commercially-available single to be released from Prince's 19th album Emancipation, the third credited to (Slave had been available almost a year before, but only as a cassette giveaway at a Paisley Park Studios show).
It was released two weeks after the album, and was released commercially only in the UK and Australia, while in the US it was only released as a promo.
It marked the first time that Prince had released a cover version as a single. The b-side, Right Back Here In My Arms, was also taken from Emancipation.
The single was also released with an orange slipcover sleeve in the UK containing a fold-out poster of Prince (as ) in Paris, although the tracks and inside artwork were exactly the same.
The single reached number 11 on the UK Gallup Singles Chart. In the US, it reached number 31 on the Billboard Hot 100 Airplay Chart, and number 10 on the Billboard R&B Airplay Chart.