FansUnite to sell Betting Hero to founders, GeoComply for $37.5 million

FansUnite Entertainment together with FansUnite US has entered into a definitive sale agreement with GeoComply Solutions and Hero Group Corporation. The deal will see FansUnite sell all issued and outstanding shares of FansUS, which operates the Betting Hero business, to Hero Group Corporation for an aggregate purchase price of $37.5 million, subject to typical working capital and cash adjustments. 

The sale requires shareholder approval and is expected to close in August 2024. Upon completion of the transaction, the ownership structure of Betting Hero will see 60% control by Betting Hero’s co-founders, Jai Maw and Jeremy Jakary, and 40% by GeoComply. 

As per the announcement, the collaboration between Betting Hero and GeoComply aims to develop real-time solutions to streamline the online sportsbook and iGaming activation process, with the minority investment supporting Betting Hero's continued growth and operational expansion under the leadership of its co-founders. 

Anna Sainsbury, Co-Founder and CEO of GeoComply, stated: "Jai and Jeremy have built a tremendous business with a laser-like vision to support their customers’ mission for the best possible user experience through the sign-up process."

"At GeoComply we share that vision and are delighted, through this intended investment, to help Betting Hero further their efforts and deploy more resources and focus into serving our customers and their patrons throughout North America," she added.

Anna Sainsbury

FansUnite has been operating Betting Hero since 2021 after acquiring its parent company American Affiliate, an omni-channel customer acquisition company, for $58.2 million. Its portfolio of brands now only includes BetPrep, Props.com, and Wagers.com. FansUnite doesn’t disclose specific revenue figures for its American Affiliate business. 

In Q1 2024, Betting Hero generated $8.3 million in revenue compared to $7.3 million for the same period last year. Earlier this year, the company delivered its 500,000th bettor to America’s sports betting ecosystem behind the launch of wagering in North Carolina. As of June 27, Betting Hero is live in 20 regulated sports betting markets across the U.S.