Betr, a sportsbook supported by News Corp, has purchased the Chameleon platform from FansUnite for an amount of $7.4 million, equivalent to £5.9 million or €6.8 million.
As per the agreement, Betr has agreed to pay $2.2 million in cash and $1.5 million in equity upon completion of the full payment, and an additional $2.2 million in cash and $1.5 million in equity in the next year.
Totaling in $7.4 million, Betr could purchase Chameleon gaming platform, including a sports betting tech, casino administration and PAM. By acquiring the latter, a wagering platform, and casino solutions, Betr will have all the chances to engage them into its client platform.
According to Betr, this procurement will expedite its expansion in the sports wagering industry and online gaming capabilities, by enabling the launch of a completely integrated sportsbook and operator. In addition, the deal will also help Betr to reduce its long–lasting product costs.
Joey Levy, Betr’s Chief Executive, expressed excitement about getting Chameleon platform from FansUnite. This update is a significant step in implementing the company’s core strategics while reaching a great number of revenue for the business model.
Levy added that the new addition will give the Betr Gaming an opportunity to have complete control over its capacity to perform its core strategy, and will save on long–term product costs.
According to Scott Burton, FansUnite Chief Executive:
This agreement is further evidence of our dedication and proficiency to steer FansUnite towards rentability. Furthermore, we are happy to go on reaping the advantages of the substantial perspective we notice in Betr through our ownership share in the company.
Recently, FansUnite successfully sold McBookie, its sportsbook and online casino in Scotland, to an undisclosed buyer for over CA$5.0m.