GeoComply, and co-owners a sports betting brand affiliate have reached an agreement to acquire sports and entertainment company FanUnite.
FansUnite, based in Vancouver, announced Thursday that it had sold its Betting Hero company to GeoComply. The deal was valued at approximately $37.5 million.
FansUnite owned 100% of Betting Hero and sold all its shares to GeoComply. GeoComply will hold the rest of 40%. As part of this deal, Jakary and Maw jointly own 60% of Betting Hero. GeoComply stated that its investment would support the cofounders’ scaling.
GeoComply’s CEO Anna Sainsbury said: “Jai & Jeremy are a dynamic duo with a vision that is laser focused on delivering the best user experience possible through their signup process.” GeoComply shares that vision, and we are thrilled to be able to support Betting Hero in their mission and help them deploy resources and more focus on serving their customers and patrons across North America.
Shareholder approval is required for the sale to proceed, which should close by August 2024.
FansUnite operates Betting Hero in 2021, after purchasing its parent company American affiliate for $58,2 million. The portfolio now consists of BePrep Pros.com and Wage.com. FansUnite does not disclose revenue numbers for its American Affiliates business.
Betting Hero reports growth
FansUnite has decided to sell Betting Hero due to the positive growth in its first fiscal year.
Betting Hero’s revenue in Q1 2024 was $8.3m, compared with $7.3m for the same time period last year. In the first quarter of this year, Betting Hero delivered the 500,000 th betor to America’s sporting betting ecosystem. This was behind the launch in North Carolina.
Betting Hero has been live since June 27 in twenty regulated sports betting markets throughout the U.S.
