GeoComply Solutions has entered into a definitive agreement with FansUnite Entertainment, FansUnite US and Hero Group Corporation.
This agreement 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 $37.5m, subject to typical working capital and cash adjustments.
Upon completion of the transaction, the ownership structure of the Purchaser will see 60% control by Betting Hero’s co-founders, Jai Maw and Jeremy Jakary, and 40% by GeoComply.
Betting Hero, active for six years in over 20 regulated gaming states, has converted over 500,000 new users to online sportsbook and iGaming operators.
Additionally, Betting Hero’s Research segment found that new users activated by ‘Heroes’ are 50% more likely to make a successful first-time deposit compared to the industry average.
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.”
In related news, GeoComply recently shared data that revealed a series of in-stadium betting and NFL playoff trends.
