Hall of Fame Resort & Entertainment Company Secures Approval for Sports Betting Licenses
Hall of Fame Resort & Entertainment Company (HOFV) announced conditional approval from the Ohio Casino Control Commission for both a retail sportsbook and an online betting platform. The BetRivers Sportsbook, set to be the only physical sportsbook in Stark County, is located at Hall of Fame Village. Additionally, a partnership with Betr will launch Ohio's first sports microbetting platform. Sports betting is set to launch in Ohio on January 1, 2023, allowing legal wagers for those of age. This expansion is expected to enhance fan engagement and provide new revenue opportunities for the company.
- Conditional approval received for mobile and retail sportsbooks in Ohio.
- Only physical sportsbook in Stark County, enhancing local market presence.
- Partnership with Betr for first direct-to-consumer sports microbetting platform in Ohio.
- New revenue opportunities anticipated from expanded sports betting operations.
- None.
Hall of Fame Village BetRivers Sportsbook location will be the only physical sports book in Stark County
Partnership with Betr will offer the first direct to consumer (DTC) platform solely dedicated to sports microbetting in Ohio
CANTON, Ohio, Nov. 2, 2022 /PRNewswire/ -- 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 announces it has taken the next step toward live sports betting by securing conditional approval from the state for mobile and retail sports books.
The Ohio Casino Control Commission provided the required authorization for HOFV to gain licensing for a physical sports operation – called a sportsbook – as well as an online betting platform, under Ohio's sports betting law HB29. Sports betting will become legal in Ohio on New Year's Day, 2023, when anyone in the state that is of legal betting age will be able to place wagers.
"The legalization of sports betting in Ohio, opens up a breadth of opportunity across our company's three business verticals and for our fans," said Michael Crawford, HOFV president and chief executive officer. "We will have the only physical sports book in Stark County and the first dedicated sports microbetting platform via the Betr mobile app, bringing fans and guests a multitude of different and new ways to experience sports entertainment."
HOFV previously announced 10-year partnerships with Rush Street Interactive, Inc. ("RSI") (NYSE: RSI) as its official retail sports-betting partner and Betr, founded by sports betting veteran Joey Levy and media mogul Jake Paul, as its official mobile sports-betting partner.
The HOFV/RSI retail sportsbook will be named "BetRivers Sportsbook" and will be located at the Hall of Fame Village's Fan Engagement Zone, a sports and entertainment-themed promenade. The Fan Engagement Zone will offer rooftop views of Tom Benson Hall of Fame Stadium and will be an active hub for guests to go before, during and after events to have fun, dine, and socialize. BetRivers will provide fans a new and enhanced way to interact with their favorite sports, all conveniently from the HOFV campus in Canton, Ohio.
The HOFV/Betr mobile sportsbook will help further enhance the fan experience by offering consumers a seamless way to place their bets online throughout Ohio. The Betr app, already ranked in the top 10 Top Free Apps in the sports category in the Apple App Store for iPhone, takes sports prop betting to a whole new level by introducing microbetting, which will enable consumers to bet on nearly every moment of every live sporting event – from pitches and at-bats, plays and drives, shots and possessions – all done simply and instantly from the palm of their hand. Consumers can download the Betr app today to try the free-to-play version, make practice bets, and Ohioans can get ready for sports betting in the Buckeye state in 2023.
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.
Gambling problem? Call 1-800-GAMBLER – 21+ age requirement and physically present in Ohio. Subject to regulatory licensing requirements.
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.
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SOURCE Hall of Fame Resort & Entertainment Company
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