Hall of Fame Resort & Entertainment Company Announces 10-year Mobile Sports Betting Agreement with Betr

Rhea-AI Summary

Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) has established a 10-year partnership with Betr, becoming its official mobile sports-betting partner. This partnership allows HOFV to gain an equity stake in Betr, facilitating revenue sharing and cross-marketing opportunities. Betr focuses on micro-betting, enhancing the betting experience by allowing real-time betting during sports events. HOFV also plans to leverage its previous partnership with Rush Street Interactive to enhance digital betting experiences in Ohio.

Positive

• 10-year agreement with Betr enhances mobile betting capabilities.
• HOFV gains equity interest in Betr, providing potential long-term value.
• Partnership expected to drive revenue sharing and consumer engagement.

Negative

• None.

Betr becomes the Company’s official mobile sports-betting partner and HOFV becomes a shareholder in Betr

Betr is the first DTC micro-betting focused sports betting and media company for the next generation of sports fans

CANTON, Ohio & MIAMI--(BUSINESS WIRE)-- Hall of Fame Resort & Entertainment Company (“HOFV” or the “Company”) (NASDAQ: HOFV, HOFVW), the only resort, entertainment and media company centered around the power of professional football, today announced it has entered into a 10-year agreement with Betr to become the official mobile sports-betting partner of the Company, subject to the procurement of necessary licenses, offering consumers a seamless way to place their bets. Betr, founded by sports betting veteran Joey Levy and media mogul Jake Paul, is the first direct-to-consumer micro-betting focused sports betting company which has also launched a new media venture for the next generation of sports fans, highlighted by Paul’s weekly show with top athletes. As part of the agreement, HOFV gains limited equity interest in Betr, revenue sharing, and the partnership incorporates opportunities for cross-marketing, branding, and engagement with consumers of both companies.

Betr will be powered by micro-betting technology industry leader Simplebet, where Levy previously served as co-founder. Betr is setting out to disrupt legacy gambling and media, with a mission of making sports and betting, betr. Betr will focus predominantly on micro-betting, a growing form of betting that introduces instant gratification to the user’s experience by enabling the moments that drive U.S. sports consumption – such as pitches and at-bats of baseball games and plays and drives of football games – to become discrete betting opportunities, as well as simplifying the user experience.

“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,” said 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.”

Betr CEO Joey Levy stated, “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.”

The Betr mobile partnership coupled with HOFV’s previously-announced partnership with Rush Street Interactive, Inc. (“RSI”) (NYSE: RSI), will help further enhance the experience of fans by enabling visitors to place bets digitally anywhere in Ohio in addition to the premier sports betting retail location that RSI will be opening in the Fan Engagement Zone. The agreement with Betr replaces the previously announced agreement with Genesis Global, Ltd.

For more information on Betr, follow @betr on TikTok, YouTube, Instagram, Twitter, LinkedIn and at betr.app.

About Hall of Fame Resort & Entertainment Company

Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Hall of Fame Resort & Entertainment Company is the owner of the Hall of Fame Village, a multi-use sports, entertainment and media destination centered around the Pro Football Hall of Fame's campus. Additional information on the Company can be found at www.HOFREco.com.

About Betr

Founded in 2022 by Joey Levy and Jake Paul, Betr is the first direct-to-consumer micro-betting focused sports betting company. Betr has also launched a new media venture for the next generation of sports fans. Betr is setting out to disrupt legacy gambling and legacy media, with a mission of making sports and betting betr. You can find Betr on @betr on TikTok, YouTube, Instagram, and Twitter, and on LinkedIn and at betr.app.

Forward-Looking Statements

Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words and phrases such as “opportunity,” “future,” “will,” “goal,” “enable,” “pipeline,” “transition,” “move forward,” “towards,” “build out,” “coming” and “look forward” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors that may affect actual results or outcomes include, among others, the Company’s ability to manage growth; the Company’s ability to execute its business plan and meet its projections, including obtaining financing to construct planned facilities; potential litigation involving the Company; changes in applicable laws or regulations; general economic and market conditions impacting demand for the Company’s products and services, and in particular economic and market conditions in the resort and entertainment industry; the effects of the ongoing global coronavirus (COVID-19) pandemic on capital markets, general economic conditions, unemployment and the Company’s liquidity, operations and personnel; increased inflation; the inability to maintain the listing of the Company’s shares on Nasdaq; and those risks and uncertainties discussed from time to time in our reports and other public filings with the SEC. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220811005405/en/

Media/Investor Contacts:

For Hall of Fame Resort & Entertainment Company:

Media Inquiries: public.relations@hofreco.com

Investor Inquiries: investor.relations@hofreco.com

For Betr:

betr@hstrategies.com

Source: Hall of Fame Resort & Entertainment Company

FAQ

What is the new partnership between HOFV and Betr about?

HOFV entered into a 10-year agreement with Betr to become its official mobile sports-betting partner.

How does HOFV benefit from its partnership with Betr?

HOFV gains equity interest in Betr and will participate in revenue sharing and cross-marketing opportunities.

What is micro-betting and how does it relate to Betr?

Micro-betting allows users to place bets on specific moments within games, enhancing the betting experience.

Does this partnership affect HOFV's relationship with Rush Street Interactive?

The partnership with Betr replaces a previous agreement HOFV had with Genesis Global, while still planning to leverage its partnership with Rush Street Interactive.

When will Betr's mobile betting app launch in Ohio?

The press release indicates a focus on launching Betr's micro-betting app in Ohio as part of the partnership.