Betr acquires gaming platform Chameleon to accelarate sports betting, iGaming capabilities

Betr, the sports betting company co-founder by Simplebet founder Joey Levy and influencer Jake Paul, announced the acquisition of the Chameleon platform from FansUnite Entertainment, which closed on May 8, 2023.

Chameleon offers a full suite of gaming solutions, including Player Account Management (PAM), a sports betting engine, and casino management. Chameleon has received GLI's certification in multiple U.S. jurisdictions, Betr noted.

This acquisition allows Betr to vertically integrate PAM, sports betting engine, online casino technology, and other potential Betr Gaming verticals into its direct-to-consumer platform. "This accelerates Betr's broader sports betting market coverage and iGaming capabilities, including the ability to launch a fully integrated sportsbook and casino while saving on long-term product costs," the company said.

Joey Levy, Founder and CEO of Betr.

Joey Levy, Founder and CEO of Betr, said: "We are thrilled to acquire the Chameleon platform from FansUnite and welcome the engineering team that has been working on this platform for several years to the Betr family. 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."

"Our current product experience is very much a beta product, which we refer to internally as V0 of the Betr product experience. With the Chameleon platform and team, we can now immediately begin work on developing V1 of the Betr product experience, which we expect to launch during H1 2024," he added.

The acquisition was executed in a "cost-effective manner," by entering into strategic transactions that feature an equity component. Betr acquired the Chameleon source code, related documentation, intellectual property, and physical assets from FansUnite for a total consideration of $7.5 million, comprised of $2.2 million in cash and $1.5 million in equity at closing; and $2.2 million in cash and $1.5 million in equity payable over 12 months following the closing of the transaction.

Scott Burton, FansUnite CEO

For his part, Scott Burton, CEO of FansUnite, commented: "With this transaction, we have again proven both our commitment and our ability to put FansUnite on the path to profitability. Additionally, we are pleased to continue to benefit from the tremendous potential we see in Betr through our equity stake in the company."