Hall of Fame Resort & Entertainment Company pens sports betting deal with Betr
Under the 10-year agreement, which will initially focus on Ohio, Betr will become the official mobile sports-betting partner of HOFV, subject to it securing the necessary licenses.
As part of the deal, HOFV will gain a limited equity interest in Betr, as well as having access to revenue sharing and opportunities for cross-marketing, branding, and engagement with consumers.
HOFV is the only resort, entertainment and media company centred around professional football. The business earlier this year also announced a sports betting partnership with Rush Street Interactive.
“This new partnership amplifies two of our key business verticals in gaming and media to further our strategic goal of continually creating new and unique sports content and experiences for our fans and guests to enjoy,” HOFV president and chief executive Michael Crawford said.
“Betr positions our company to obtain the necessary licences to make a dramatic impact in the mobile betting space and will drive meaningful value for our stakeholders.”
Powered by SimpleBet, Betr launched this month with $50m in funding. Betr will allow its customers to bet on smaller aspects of a game such as pitches and at-bats during baseball games, as well as plays and drives in football games.
A Betr app is due to be released in the coming weeks, which will be free-to-play initially, as the operator does not yet have any licences.
“Our differentiated product, combined with our sports media company built for the next generation of sports fans along with HOFV’s strengths and access to unique content experiences in Ohio and throughout the country, makes us confident this will be a successful partnership,” Betr chief executive Levy said.
“We are also pleased HOFV has taken an equity position in Betr as part of this agreement – enabling us to preserve cash while providing HOFV upside in Betr’s success. We are grateful for HOFV’s belief in our company’s vision and are looking forward to introducing something different to this industry with them while creating value for all of our shareholders.”