Betr follows up stellar launch with 10-year Hall of Fame mobile deal
Jake Paul-backed micro-betting startup nets new stockholder as part of exclusive agreement
Micro-betting startup business Betr has signed a 10-year agreement with Hall of Fame Resort & Entertainment Company (HOFV) to become the football resort’s mobile sports betting partner.
Under the terms of the exclusive deal, HOFV gains a limited equity interest in Betr, which launched earlier this week after attracting $50m in financial investment from a portfolio of celebrities and US sports figures.
The partnership includes a revenue sharing element and incorporates opportunities for cross-marketing, branding, and engagement with consumers of both companies.
Betr was founded by former Simplebet CEO Joey Levy and social media star Jake Paul and aims to leverage micro-betting as an alternative to regular sports betting.
The self-styled disruptive firm has plans to launch in a number of US states, amid a concerted drive to win market share from more established players by methods including increased usage of social media.
HOFV operates a flagship property in Canton, Ohio and recently partnered with US sportsbook operator Rush Street Interactive (RSI), who are going to open a retail sportsbook adjacent to the property in its Fan Engagement Zone.
It is understood the Betr agreement is for mobile sportsbook only and will not affect the partnership with RSI.
Betr CEO Joey Levy welcomed the deal, adding that he was “excited” to launch the firm’s micro-betting-focused app in the debut market of 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,” Levy said.
“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,” Levy added.
To be able to operate in partnership with HOFV in Ohio, Betr will need to have applied for a mobile sportsbook partner application with the Ohio Casino Control Commission, which is currently processing somewhere in the region of 400 applications from interested sportsbook operators.
The Ohio market is not set to launch until January 1, 2023.
Speaking about the deal, HOFV president and CEO Michael Crawford said: “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.
“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,” Crawford added.