June 27, 2024 3 min read


Fact-checked by Stoyan Todorov

FansUnite Asks Shareholders to Approve $37.5M Sale of Betting Hero to GeoComply

FansUnite Entertainment noted that it has agreed to distribute 90% of the sale’s net proceeds to its shareholders

FansUnite Entertainment announced the sale of its Betting Hero business to GeoComply Solutions and Hero Group Corp. As per the deal, FansUnite will sell all outstanding shares for $37.5 million, $30.6 million of which will be paid in cash at the closing.

FansUnite added that it expects approximately $20 million in net proceeds from the sale, which is expected to close in August 2024. Betting Hero’s co-founders, Jai Maw and Jeremy Jakary, will receive a 60% shareholding in the business. The remaining 40% will be held by GeoComply.

The seller noted that it has agreed to distribute 90% of the sale’s net proceeds to its shareholders. The amount will vary depending on certain valuables, FansUnite noted. The company expects to provide dividends of between CAD 0.065 and CAD 0.075 per share.

The arrangement secured the approval of FansUnite’s board of directors, which recommended that shareholders vote in favor of the transaction at the upcoming meeting.

According to FansUnite, the deal is the result of thorough consultations and is poised to generate attractive premium and immediate liquidity. It will also provide future opportunities to retain exposure, the company added.

Completion of the transaction is also subject to a number of conditions, such as shareholder approval, TSX acceptance and regulatory approvals, among others.

By selling Betting Hero, FansUnited will effectively no longer have any material property or assets. The company plans to retain CAD 500,000, which it would use to explore new business opportunities.

Leaders Are Optimistic about the Transaction

Quinton Singleton, an independent member of FansUnite’s board and chair of its special committee, commented on the matter, saying that the company’s leadership believes that the transaction represents “the best available path forward” for the business and its shareholders.  

The Distribution will provide immediate liquidity to the Shareholders and the Special Committee is unanimous in its belief that the Transaction is in the best interests of the Company and the Shareholders.

Quinton Singleton, chair of FansUnite’s special committee

FansUnite’s chief executive officer and director, Scott Burton, also commented on the matter, saying that this is a substantial cash offer for the company’s primary remaining asset.

It not only reflects high market multiples when compared to similar transactions but also a substantial premium to our current share price.

Scott Burton, CEO of FansUnite

Just like Singleton, Burton recommended that shareholders vote in favor of the deal.

Earlier this year, FansUnite also agreed to sell its McBookie subsidiary in a $4 million deal.


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