Genesis Global eyes US entry with Hall of Fame Resort and Entertainment

28th January 2022 9:55 am GMT

Malta-based gaming operator Genesis Global is looking to enter the US online sports betting market in partnership with Nasdaq-listed Hall of Fame Resort and Entertainment.

The partnership is subject to receipt of necessary license approvals and designates Genesis Global as the official mobile sports-betting partner of the professional football-themed resort and entertainment company.

Hall of Fame Resort and Entertainment owns the Hall of Fame Village (HOFV) powered by Johnson Controls, a multi-use sports, entertainment and media destination that recently partnered with Rush Street Interactive to launch a retail sportsbook at the resort in Ohio.

The ten-year Genesis Global partnership covers online sports betting operations and gives HOFV the option to acquire an equity interest in Genesis in the future.

“The legalization of sports betting in Ohio has only added fuel to what has been an exciting couple of months for our business as we continue making progress on our strategic objectives,” said Michael Crawford, president and chief executive of HOFV. “We experienced – and continue to experience – a significant wave of interest from flagship operators like Genesis who want to partner with us to capitalize on the excitement of legalized sports betting and what we are building at the Hall of Fame Village powered by Johnson Controls.

“With the size of the global sports-betting market expected to grow 40 per cent by 2033 to $39 billion, partnerships like this ensure we have the infrastructure in place that we need to benefit greatly from this trend. We are excited to establish this relationship with Genesis, and look forward to leveraging the synergies between our brands to bring an innovative and seamless experience to our mobile sports-betting customers and sports fans.”

Ariel Reem, CEO of Genesis Global, said that his company is delighted to be working in partnership with HOFV to deliver a new online sportsbook presence in the United States. “HOFV’s expertise will be invaluable in helping Genesis provide players with the ultimate online gaming experience,” he added. “This is an exciting opportunity that reflects Genesis’ approach to innovation, collaboration and commitment to growth in the U.S.”

News of the HOFV partnership comes in the same week that Genesis was fined £3.8m by Britain’s gambling regulator for historical social responsibility and anti-money laundering failings.

Shares in Hall of Fame Resort & Entertainment Co. (NASDAQ:HOFV) closed 4.46 per cent lower at $1.07 per share in New York Thursday, setting a new 52-week low of $1.04 per share earlier in the day.

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