Hall of Fame Resort & Entertainment (HOFV) has put pen to paper on a 10-year deal with the recently formed Betr for the new operator to become the official mobile sports betting partner of the company.
Launched this week, Betr is a company founded by experienced sports betting veteran Joey Levy and internet star Jake Paul which offers direct-to-consumer micro-betting sports betting and a media venture.
Under the provisions of the agreement, HOFV will gain a limited equity interest in Betr, revenue sharing and the two firms will incorporate opportunities for cross-marketing, branding and engagement with each other’s consumers.
Sports betting in Ohio is set to launch on January 1, 2023, as the bell hits midnight on the New Year, following a long-winded route to legalization for the state.
Betr CEO, Joey Levy, commented: “We are excited to partner with HOFV on launching the world’s first micro-betting-focused app in Ohio.
“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.
“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.”
Betr joins Rush Street Interactive as a partner of HOFV in Ohio after RSI became a retail partner of the entertainment firm. RSI gained market entry into Ohio as part of a trio of state entries via Penn Entertainment which also included Maryland and Missouri.
HOFV noted that the two partnerships will help to ‘further enhance the experience of fans’ through the offering of mobile sports betting from Betr and the retail offering that RSI will ring in the form of a Fan Engagement Zone.
This agreement with Betr replaces the previously agreed deal with Genesis Global.
“This 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,” added Michael Crawford, HOFV President and CEO.
“Betr positions our company to obtain the necessary licenses to make a dramatic impact in the mobile betting space and will drive meaningful value for our stakeholders.”
