Betr undertakes ‘transformational’ acquisition of Chameleon gaming platform from FansUnite

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Online sportsbook Betr has confirmed it has acquired the Chameleon platform from FansUnite for a fee of $7.45m.

The igaming platform enables firms to launch their own sports and related gambling brands, offering casino management, and has received Gaming Labs International (GLI) certification in multiple US jurisdictions.

Betr has now followed through with its long-term strategy of owning its own technology platform, and the familiarity of the platform is likely to have played an essential role in the acquisition.

FansUnite previously provided the Player Account Management (PAM) system for Betr, which can now launch a fully integrated sportsbook and online casino product while saving on long-term product costs. 

Joey Levy, Founder and CEO of Betr, commented: “We are thrilled to acquire the Chameleon platform from FansUnite and to also welcome the engineering team that has been working on this platform for several years to the Betr family.

“This is a transformational transaction for Betr that enables Betr Gaming to fully control our ability to execute against our core strategy, while also capturing a material amount of gross margin for our business model.”

The acquisition of Chameleon builds on the expansion opportunities already explored by Betr this year, which includes the launch of its sportsbook in Massachusetts last night.

The micro-betting focused betting app also recently brought on board the women’s college basketball sensation Cavinder Twins, Haley and Hanna, who both joined the Jake Paul Co-Founded company as creative directors and equity partners in April.

Meanwhile, Betr has confirmed it has engaged 28 employees/contractors from the company to continue work on the Chameleon platform after its acquisition from FansUnite.

“This is a transformational transaction for FansUnite and we are excited to move forward as a business that is a dominant player in its sector with the ability to execute on a profitable growth strategy,” said Scott Burton, CEO of FansUnite. “With the completion of this sale, we will reduce annual costs, ensuring we can execute on our strategy to generate positive cash flow this year.

“When we entered into our multi-year agreement with Betr, we knew their long-term strategy included building or acquiring their PAM. In addition to the cash component of the deal, we will receive equity ownership in Betr, allowing us to participate in their growth while also retaining use of the current code to support existing B2B clients and the ability to further sell such use to a buyer in the future.

“With both the recent sales behind us, we can focus additional resources towards our highest revenue and margin businesses, such as Betting Hero and the affiliate business.”

The $7.45m purchase price comprises $2.23m in cash and $1.49m in equity at closing, and $2.23m in cash and $1.49m in equity payable over 12 months following the closing of the transaction, contingent on the achievement of certain performance milestones.