Hall of Fame Resort & Entertainment (HOFV) is entering the betting industry.
The entertainment and media company announced it is the newest mobile sports betting partner of Betr.
HOFV’s deal with Betr is for 10 years and will allow HOFV to gain limited equity interest in Betr, revenue sharing and opportunities for cross-marketing, branding and engagement with consumers of both companies.
“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,” Michael Crawford, HOFV President and CEO, said in a news release. “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.”
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Betr is a new media venture founded by sports betting veteran Joey Levy and Jake Paul. It’s the first direct-to-consumer micro-betting-focused sports betting company that’s targeting a new generation of sports fans.
“We are excited to partner with HOFV on launching the world’s first micro-betting focused app in Ohio,” Betr CEO Joey Levy said in a media release. “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.
Simplebet, a micro-betting technology provider, will power Betr. Levy also co-founded Simplebet.
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Betr will focus predominantly on micro-betting, including the outcomes of pitches and at-bats of baseball games and plays and drives of football contests. Micro-betting has continued to expand as sportsbooks offer these new types of live wagers.
Micro-betting happens in real-time as the game progresses. Those who don’t want to wait numerous hours for a game’s outcome can bet on individual moments and have their wagers settled quickly.
Analysts are predicting micro-betting to be the next big thing in sports wagering. Daniel Politzer led a team of JP Morgan analysts and found various forms of live betting will drive the sports U.S. sports betting market to be valued at $9.25 billion by 2025.
“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,” Levey said. “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.”
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