Betr Acquires Chameleon Platform from FansUnite
MIAMI, May 9, 2023 /PRNewswire/ -- Betr Holdings, Inc. ("Betr") is excited to announce the acquisition of the Chameleon platform ("Chameleon") from FansUnite Entertainment Inc. (TSX: FANS) (OTCQX: FUNFF) ("FansUnite"), which closed on May 8, 2023 (the "Transaction").
Chameleon offers a full suite of gaming solutions, including Player Account Management ("PAM"), sports betting engine, and casino management. Chameleon has received Gaming Labs International ("GLI") certification in multiple U.S. jurisdictions.
This acquisition allows Betr to vertically integrate PAM, sports betting engine, online casino technology, and other future potential Betr Gaming verticals into its direct-to-consumer platform. This accelerates Betr's broader sports betting market coverage and iGaming capabilities, including the ability to launch a fully integrated sportsbook and casino, while saving on long-term product costs.
"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," said Joey Levy, Founder and CEO of Betr. "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.
Our current product experience is very much a beta product, which we refer to internally as V0 of the Betr product experience. We released V0 to get live as soon as possible, which has enabled us to 1) build our user base and accrue revenue in the early stages of our business; 2) learn from user feedback and data to inform future iterations to the product experience; and 3) demonstrate to the marketplace the core tenets of our vision: 1) A simple, intuitive, and entertaining UI/UX, 2) instant gratification-focused betting, and 3) a challenge to the industry's incorrect assumption that sportsbook is a commoditized product by releasing something fundamentally different than our competitors. With the Chameleon platform and team, we can now immediately begin work on developing V1 of the Betr product experience, which we expect to launch during H1 2024.
Finally, we are thrilled to have been able to execute this acquisition in a cost-effective manner consistent with how we have rolled out Betr Gaming and Betr Media from both market access and talent acquisition standpoints to date — by entering into strategic transactions that feature an equity component to align incentives with our partners who believe in Betr while helping Betr preserve cash."
Scott Burton, CEO of FansUnite, said "With this transaction, we have again proven both our commitment and our ability to put FansUnite on the path to profitability. Additionally, we are pleased to continue to benefit from the tremendous potential we see in Betr through our equity stake in the company."
Transaction Terms
Betr acquired the Chameleon source code, related documentation, intellectual property, and physical assets (collectively, the "Assets") from FansUnite Entertainment Inc. for a total consideration of $7,448,000. This is comprised of (i) $2,234,400 in cash and $1,489,600 in equity at closing; (ii) $2,234,400 in cash and $1,489,600 in equity payable over 12 months following the closing of the Transaction contingent on the achievement of certain performance milestones. The Transaction is a simultaneous sign and close.
About Betr Holdings, Inc.
Founded in 2022 by Joey Levy and Jake Paul, Betr is the fastest sports betting media brand in the U.S. and the first microbetting-focused gaming company that is pioneering a new way for fans to engage with sports. Microbetting allows users to bet on individual plays and events – such as pass or rush on the next play in football or the outcome of the next pitch in baseball – rather than the outcome of a game. With its simple and intuitive user interface, Betr aims to solve a problem with traditional sportsbooks – a complicated and confusing user experience with numbers and odds that are uninterpretable to the mass market casual sports fan who has never bet on sports before that looks more like a spread sheet than a consumer product intended to provide entertainment to customers. Since publicly launching its brand in August 2022, Betr has grown its aggregate following from 0 to over 1.4 million while generating over 1 billion impressions across its social channels.
For more information on Betr, visit betr.app or follow @betr on TikTok, Instagram, and Twitter. To learn more about responsible play, please visit betr.app/responsibility.
CONTACT: contact@betr.app
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