Online ticket marketplace Vivid Seats announced it completed the acquisition of Betcha Sports in an all-stock deal valued at $25 million subject to customary purchase price adjustments.
Entering the Online Gaming Space
Vivid Seats, a technology-driven ticket selling platform, acquired sports betting app rich with gamification features Betcha Sports, for an upfront payment of $25 million in Vivid Seats equity, with the option for additional payments of up to $40 million based on earnings and payable in a combination of cash and stock.
“The acquisition of Betcha further strengthens our position as a leading marketplace, accelerating our journey into naturally adjacent areas with engaging features that deliver unique experiences for our customers.”Stan Chia, Chief Executive Officer of Vivid Seats
Vivid Seats did not provide further details on the financial side of the transaction as those will be discussed during the company’s fourth quarter earnings conference call.
The newly acquired business will expand Vivid Seats’ operations into the online gaming sector, allowing the platform to utilize its technology capabilities and attract customers by offering them the opportunity to participate in daily fantasy gaming.
“Vivid Seats and Betcha share a mutual commitment to helping fans experience the thrill of live events combined with a new and innovative, yet simple way to play. We could not have found a better partner than Stan and the Vivid Seats team, as we introduce a new gaming experience to millions of Vivid Seats customers.”Hanson Wong, CEO, Betcha Sports
With some unique social elements that allow group play by fans, families and friends and an intuitive user-friendly interface, Betcha Sports is engaging with both the casual and super sports fan, offering them multiple ways to immerse themselves in the action.
‘Experience It Live’
Commenting further on the transaction, Vivid Seats CEO Chia outlined the impression left by the continued growth at Betcha Sports and the excitement at the opportunity “to welcome the Betcha team to Vivid Seats” and “combine their way to play with our desire for fans everywhere to experience it live.”
The Chicago-based online ticket selling platform provides a wide selection of events and tickets in North America, driven by its belief that everyone should “Experience It Live.” Vivid Seats also offers an industry-leading rewards program that allows fans to earn points on every purchase they make.
Chia also noted that the acquisition would allow for “customer acquisition synergies” with Vivid Seats’ “high interest fan base,” looking forward to leveraging the “collective expertise and passion” and engage with fans “through discovery, loyalty, and content to deliver outstanding customer experiences.”
Betcha Sports, since its inception in 2018, established itself in the daily fantasy sports (DFS) niche, looking to differentiate from the competition with its simple-to-use interface, social and gamification features.