You'd need to keep them separate. Male bettas will act aggressively toward females, even during breeding. Breeding bettas is pretty tricky because of this--they need to be carefully introduced, then supervised to make sure the male doesn't seriously injure or kill the female. It's unfortunate because it would be really neat to have a tank full of bettas.

You could have them and keep them separated permanently, but, if you're not interested in breeding and don' thave your heart set on a female, you might want to consider getting another male, since they are larger and prettier. They will flare at each other, giving you a nice display, as well. I've read in several places that housing males side by side does not harm them, and they don't wear themselves out or anything. Good luck with your bettas--they're really cool fish!