GeoComply and the co-owners of a sports betting affiliate brand have agreed to an acquisition deal with sports and entertainment company FansUnite.
Vancouver-based FansUnite announced on Thursday the sale of its Betting Hero business to GeoComply and its co-owners Jai Maw and Jeremy Jakary in a deal valued at $37.5 million.
Betting Hero served as FansUnite’s wholly-owned U.S. subsidiary and all of its issued and outstanding shares will be sold to GeoComply, Maw, and Jakary. As part of the deal, 60% of Betting Hero will be jointly owned by Jakary and Maw while GeoComply holds the remaining 40%. GeoComply said its investment will support the co-founders in scaling.
“Jai and Jeremy have built a tremendous business with a laser-like vision to support their customers’ mission for the best possible user experience through the sign-up process,” said GeoComply CEO Anna Sainsbury. “At GeoComply, we share that vision and are delighted, through this intended investment, to help Betting Hero further their efforts and deploy more resources and focus into serving our customers and their patrons throughout North America.”
The looming sale requires shareholder approval and is expected to close in August 2024.
FansUnite has been operating Betting Hero since 2021 after acquiring its parent company American Affiliate, an omni-channel customer acquisition company, for $58.2 million. Its portfolio of brands now only includes BetPrep, Props.com, and Wagers.com. FansUnite doesn’t disclose specific revenue figures for its American Affiliate business.
Betting Hero reports growth
FansUnite is offloading Betting Hero amid encouraging growth to start the fiscal year.
In Q1 2024, Betting Hero generated $8.3 million in revenue compared to $7.3 million for the same period last year. Earlier this year, the company delivered its 500,000th bettor to America’s sports betting ecosystem behind the launch of wagering in North Carolina.
As of June 27, Betting Hero is live in 20 regulated sports betting markets across the U.S.
