is he from a chain pet store, local pet store or a breeder? if he's from a chain store, then right off the bat it's a no. pet store bettas have genetics like a flower-laden minefield: beautiful to look at, but dangerous stuff could be lurking underneath such as recessive deformities that he doesn't express but the babies could. if he's from a local, family owned pet store, there's a good chance they can put you in touch with his breeder, who can give you a rundown of his lineage, and better prepare you for the kind of fry he'll produce. if he's a direct breeder sale, then what i said just there goes as well.
personally i would NOT try to breed him. his topline is really lumpy (beyond a "flaw" to a "deformity" i'd say) and the leading edge of his dorsal tapers way too much. his tail is fairly symmetrical, but the upper lobe is noticeably smaller than the lower, resulting in what's called a "mitten tail." i personally think mitten tails are adorable, but unless you know fifty to two hundred people who'd love to have a red and blue mitten tailed betta, you're gonna have a hard time finding homes for his fry, since he, and most likely his offspring, will never be show/breeder quality bettas.
So remember, when you're feeling very small and insecure,
How amazingly unlikely is your birth,
And pray that there's intelligent life somewhere up in space,
'Cause there's bugger-all down here on Earth.
Loki/Grendel/Gail/Beowulf/Camilla/River/Bathory/Arwen/Lafayette/Deb/Jack Skellington (soon)