Under the deal, Betr will pay $2.2m in cash and $1.5m in equity at closing, as well as $2.2m in cash and $1.5m in equity during the 12 months after the transaction completes. Chameleon offers a suite of gaming solutions including player account management (PAM), sports betting engine and casino management.
Betr’s acquisition of Chameleon will enable it to vertically integrate PAM, sports betting engine, online casino technology, and other potential Betr Gaming verticals into its direct-to-consumer platform. This move will accelerate Betr’s coverage in the sports betting market and enhance its igaming capabilities. Moreover, it will allow Betr to launch a fully integrated sportsbook and casino, while also reducing long-term product costs.
“We are thrilled to acquire the Chameleon platform from FansUnite and welcome the engineering team to the Betr family. This is a transformational transaction for Betr, enabling us to execute our core strategy and capture a significant gross margin for our business model,” said Joey Levy, Betr’s founder and CEO.
With the acquisition of Chameleon, Betr can now begin developing V1 of its product experience, which is expected to launch in H1 2024.
Scott Burton, CEO of FansUnite, added, “This transaction demonstrates our commitment to profitability and our confidence in Betr’s potential. We are also pleased to retain an equity stake in Betr.”
In addition to this deal, FansUnite recently completed the sale of its Scottish-focused sportsbook and online casino McBookie for over CA$5.0m.
