Hall of Fame Resort & Betr Join Forces
Betr, which is a new micro-betting business started by Simplebet co-founder Joey Levy together with social media star Jake Paul, has announced that it is entering into a new partnership with Hall of Fame Resort & Entertainment Company (HOFV). The 10-year agreement will focus on Ohio at first, seeing Betr become the official mobile sports-betting partner of HOFV.
Betr, a new micro-betting business started by Simplebet co-founder Joey Levy, is entering into a new partnership with Hall of Fame Resort & Entertainment Company (HOFV). ©12019/Pixabay
Hall of Fame Resort & Entertainment Company Will Gain Equity Interest in Betr
A recently launched micro-betting business going by the name of Betr has revealed that it is stepping into an exclusive partnership with the Hall of Fame Resort & Entertainment Company (HOFV). The micro-betting business is the result of a joint venture between Simplebet co-founder Joey Levy and social media influencer star Jake Paul.
The agreement will take the form of a 10-year deal with an initial focus on the state of Ohio, where the Hall of Fame Resort & Entertainment Company is mostly based. As a result of the deal, Betr will become the official mobile sports-betting partner of HOFV – provided of course that it secures the necessary regulatory licenses.
In return, HOFV will receive a limited equity interest in Betr, as well as gaining access to revenue sharing and chances to engage in cross-marketing, branding, and engagement with consumers.
It is worth noting that the Hall of Fame Resort & Entertainment Company is the sole resort, media, and entertainment company focused exclusively on professional American football. Earlier this year, it also announced a lucrative sports betting partnership with Rush Street Interactive.
Speaking on the occasion of its partnership with the much-hyped micro-betting venture Betr, HOFV president and chief executive Michael Crawford explained to observers that the partnership is very much in line with the Hall of Fame’s two main business verticals:
“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. 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.”– Michael Crawford, President and Chief Executive, Hall of Fame Resort & Entertainment Company (HOFV), Press Release
Betr Launched in August 2022 with $50 Million in Funding
For a business which just recently launched, Betr already has some impressive backing behind it. It is powered by the SimpleBet proprietary engine and launched in August 2022 with an impressive $50 million in initial funding.
One of its key pitches is the ability for customers to bet on smaller aspects of a given sports game, such as pitches and at-bats during baseball games, as well as plays and drives in football games. Sports betting fans can expect to see a Betr mobile app launching in the very near future, boasting a free-to-play offering at first, given that the operator has yet to secure any mobile sports betting licenses.
Joey Levy, who is the chief executive of Betr, touted the company’s unique and innovative product, thereby putting it in an advantageous position to make the most of its upcoming partnership with the Hall of Fame Resort & Entertainment Company (HOFV):
“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.”– Joey Levy, Chief Executive, Betr, Press Release
Levy was also delighted at the fact that HOFV chose to take an equity interest position in Betr, citing it as proof of the resort and entertainment company’s belief in Betr’s overall vision:
“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.”
Esports Entertainment Group (EEG) and Hall of Fame Paired Up in July 2021
In other Hall of Fame Resort & Entertainment Company news, full stack esports and online gambling company Esports Entertainment Group (EEG) announced in July 2021 that it was partnering with HOFV to bring esports to the Hall of Fame Village in Canton.
EEG is now the official esports provider of the Ohio-based resort, having built an ambitious new state of the art Helix Esports entertainment center in the village. The venue hosts competitive esports matches and competitions while also acting as a practice space for players and teams.
Hall of Fame Resort & Entertainment Company CEO Michael Crawford emphasized the importance of the esports facility and what it can bring to the resort overall:
“Having an EEG-powered esports complex as part of our development on campus adds another compelling opportunity for gaming enthusiasts and guests to engage in virtual environments as well as offering us the ability to draw in fans from all over the world – both in person and virtually – providing us with strategic growth opportunities within our company’s gaming vertical.”
Kansas Legalized Sports Betting in May 2022
Sports betting continues to expand across the United States, with the midwestern state of Kansas approving the market after a legislative bill seeking to authorize both sports betting and historical horse racing machines was approved by the state’s governor in May 2022.
Applications for licenses can be submitted once an application process has been put in place, which is expected to arrive by September 1st, 2022, at the latest. Certified lottery facility managers can then operate a maximum of three interactive sports wagering platforms.
Elsewhere in the US, Louisiana’s sports betting market has been showing particularly strong results, with the state wagering an impressive $211 million during the first full month of legal sports betting since its market first launched in January 2022.
Caesars Entertainment, whose sportsbook has actually been live in the Gulf State since October 2021, went onto launch its own retail sportsbook, with co-president Eric Hession hailing the state and surrounding region as significant for the operator:
“Louisiana and the entire Gulf Coast region are a special part of the Caesars family. We couldn’t be more excited to build on our longstanding commitments in the state with the launch of legal sports betting. We know how passionate Bayou State sports fans are about their teams and we’re confident our brand-new Caesars Sportsbook app and the exciting offers we have for launch can offer them a sports experience that can’t be matched.”
