Chameleon offers gaming solutions, including a sports betting engine and casino management.
US.- Microbetting-focused gaming company Betr Holdings has announced the acquisition of the Chameleon platform from FansUnite Entertainment. Chameleon offers gaming solutions, including player account management (PAM), a sports betting engine, and casino management.
The acquisition allows Betr to vertically integrate the technology into its platform, accelerating its sports betting market coverage and igaming capabilities, including the ability to launch an integrated sportsbook and casino while saving on long-term product costs.
Betr acquired the Chameleon source code, related documentation, intellectual property and physical assets from FansUnite Entertainment for $7,448,000.
Joey Levy, founder and CEO of Betr, said: “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. 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.
“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, added: “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.”
In March, Betr was granted a mobile sports betting licence by the Virginia Lottery. Virginia is the third state where the company has been licensed after Ohio and Massachusetts. Chameleon has received Gaming Labs International (GLI) certification in multiple U.S. jurisdictions.