The microbetting gambling startup Betrhas made headlines after it announced that it had acquired the Chameleongaming platforms from its owner, FansUnite Entertainment.
According to the Business Model
Betr sees the acquisition of Chameleon as a key factor in its future growth. It will allow it to integrate Chameleon’s entire suite of gaming products that has already been certified by Gaming Labs International across multiple US jurisdictions.
This is a transformative transaction for Betr. It allows Betr Gaming to fully execute our core strategy while also capturing an important amount of gross profit for our business model,” said Joey Levy. He was thrilled to welcome to the Betr team the engineering team that created Chameleon.
Chameleon, with its full suite of gaming products, such as Player Account Management (PAM), Sports Betting Engine, and Casino Management, will be the platform for Betr’s future needs. It will also help the company expand their sports betting coverage, iGaming, and iGaming abilities, while allowing them to launch a cost-effective fully integrated sportsbook and online casino.
Levy stated that the Betr second phase product experience will be launched in the first half 2024.
Save Cash and Add Partner Incentive
Levy also praised Betr for executing the Chameleon deal “in a cost-effective way” similar to Betr’s rollout of Betr Gaming and Betr Media, via strategic transactions that included an equity component to “align incentives” with partners while helping Betr conserve cash.
The total consideration for the simultaneous sign-and-close transaction of the Chameleon Source Code, related documentation and intellectual property as well as physical assets amounts to $7,448,000. This includes $2,234,400 in cash, and $1,489 600 in equity, payable over a period of 12 months following the close of the transaction and subject to certain performance milestones.
The chief executive officer of FansUnite Entertainment Scott Burton said, “With this deal, we have once again demonstrated both our commitment and ability to put FansUnite in the path to profitability.” Burton was equally happy to see that his company retained an equity stake, and the opportunity to profit from Betr’s tremendous potential.
Betr, founded in 2022, is the fastest growing sports betting media brand within the US. Its continued growth is not unnoticed and, as it works on the second phase of their product experience, they have become a target to be acquired.
A Betr spokesperson stated in a recent Australian Financial Review interview that operators had approached the company to buy its business.