Betr Acquires FansUnite’s Chameleon Gaming Platform

Microbetting gambling startup Betr is making the headlines today after an announcement that it has acquired the Chameleon gaming platform from its owner, FansUnite Entertainment.

In Line with the Business Model

The acquisition of Chameleon is seen by Betr as key to its future growth, allowing it to integrate into its direct-to-consumer platform Chameleon’s full suite of gaming solutions that have already received certification from Gaming Labs International (GLI) across multiple US jurisdictions.

“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,” said founder and chief executive officer  of Betr, Joey Levy, thrilled to welcome the engineering team behind Chameleon to the Betr family.

With a full suite of gaming solutions, including Player Account Management (PAM), sports betting engine, and casino management, Chameleon is the platform that will cater to current and future Betr needs, accelerating the firm’s broader sports betting coverage and iGaming capabilities, while also giving it a potential platform to cost-effectively launch a fully-integrated sportsbook and casino.

According to Levy, the transaction which closed on May 8, 2023, will allow Betr to “immediately begin work” on developing the second phase of its product experience the launch of which is expected to take place during the first half of 2024.

Preserve Cash, Add Partner Incentive

Levy was also thrilled to see Betr execute the Chameleon platform deal in “a cost-effective manner” similar to how Betr rolled out Betr Gaming and Betr Media – via strategic transactions involving an equity component “to align incentives” with partners and help Betr preserve cash.

The total price consideration of the simultaneous sign and close transaction for the Chameleon source code, related documentation, intellectual property, and physical assets is $7,448,000, comprising $2,234,400 paid in cash and $1,489,600 in equity payable over 12 months after the transaction close and contingent with the achievement of certain performance milestones.

“With this transaction, we have again proven both our commitment and our ability to put FansUnite on the path to profitability,” commented FansUnite Entertainment’s chief executive officer Scott Burton, equally pleased to see his company retain an equity stake and with it the opportunity to benefit from Betr’s tremendous potential.

Founded in 2022, Betr is the fastest-growing sports betting media brand in the US and its continuing momentum is not going unnoticed, and while working on the launch of the second phase of its product experience, the company itself has become a target for acquisition.

In a recent interview for the Australian Financial Review, a spokesperson for Betr stated that the company had been approached by certain operators seeking to acquire its business.