Betr Holdings has acquired the Chameleon platform from FansUnite Entertainment.
Betr was founded in 2022 by Joey Levy and YouTuber-turned-boxer Jake Paul. Betr acquired Chameleon for a fee of over $7m; 60% of the deal will be paid in cash with the remaining 40% to be paid in stock.
The purchase of Chameleon comes following Betr's expansions earlier this year, introducing core markets in time for March Madness. Also this year, Betr was fined AU$210,000 (US$141,000) for advertising breaches that took place in the build-up to the 2022 Melbourne Cup.
Chameleon offers a full suite of gaming solutions including Player Account Management, sports betting engine and casino management. Betr is hopeful the purchase can accelerate its broader sports betting market coverage and iGaming capabilities
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."
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."