Betr acquires Chameleon Platform from FansUnite

9 May 2023

(PRESS RELEASE) -- Betr Holdings, Inc. is excited to announce the acquisition of the Chameleon platform from FansUnite Entertainment Inc., which closed on 8 May 2023.

Chameleon offers a full suite of gaming solutions, including Player Account Management, sports betting engine, and casino management. Chameleon has received Gaming Labs International certification in multiple U.S. jurisdictions.

This acquisition allows Betr to vertically integrate PAM, sports betting engine, online casino technology, and other future 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.

"We are thrilled to acquire the Chameleon platform from FansUnite and to also welcome the engineering team that has been working on this platform for several years to the Betr family," said Joey Levy, Founder and CEO of Betr. "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. We released V0 to get live as soon as possible, which has enabled us to 1) build our user base and accrue revenue in the early stages of our business; 2) learn from user feedback and data to inform future iterations to the product experience; and 3) demonstrate to the marketplace the core tenets of our vision: 1) A simple, intuitive, and entertaining UI/UX, 2) instant gratification-focused betting, and 3) a challenge to the industry's incorrect assumption that sportsbook is a commoditized product by releasing something fundamentally different than our competitors. 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.

Finally, we are thrilled to have been able to execute this acquisition in a cost-effective manner consistent with how we have rolled out Betr Gaming and Betr Media from both market access and talent acquisition standpoints to date — by entering into strategic transactions that feature an equity component to align incentives with our partners who believe in Betr while helping Betr preserve cash."

Scott Burton, CEO of FansUnite, said "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."


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