Betr will become the official mobile sports-betting partner of HOFV, subject to it obtaining the necessary licenses, under the 10-year agreement.
As part of the agreement, HOFV will receive a small ownership stake in Betr as well as potential for revenue sharing, cross-marketing, branding, and customer involvement.
HOFV is a resort, entertainment and media company that is focused on professional football. Rush Street Interactive and the business announced a sports betting partnership earlier this year.
HOFV president and chief executive Michael Crawford said that the partnership would further their goal of continually creating new and unique sports content and experiences for their fans and guests to enjoy.
Betr puts our business in a strong position to get the licenses it needs to dominate the mobile betting market and create real value for all of our stakeholders.
Customers of Betr will be able to wager on more minute details of a game, such as pitches and at-bats in baseball games and plays and drives in football games.
The Betr app will be free to play initially, as the operator does not yet have any licences.
Betr chief executive Levy said that they were confident that the partnership would be a success because of their differentiated product, HOFV’s strengths and access to unique content experiences in Ohio and throughout the country.
HOFV taking an equity position in Betr as part of the agreement will allow 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 we are looking forward to introducing something different to this industry with them while creating value for all of our shareholders.
Summary:
Betr, a US-based sports betting startup, has signed a 10-year deal to be the official mobile sports-betting partner of HOFV. 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. Betr received $50 million in funding this month.