Betr bets on in-house tech with $7m move for Chameleon

Micro-betting operator Betr is set to acquire supplier Chameleon for a total consideration of $7.4m as it looks to bolster its in-house tech capabilities.

The Joey Levy and Jake Paul-founded operator will now use Chameleon’s tech to integrate its player account management platform, sports betting engine and casino management suite.

Betr said the deal would allow it to accelerate its launches into new markets with oven-ready products, while reducing long-term product costs.

The transaction includes two tranches. The first will see Betr pay $2.2m in cash and a further $1.5m in equity following the closure of the deal to Chameleon’s current owners, FansUnite Entertainment.

The second will see a further cash payment of $2.3m and $1.5m in equity which will be payable over 12 months following the closing of the deal, subject to performance.

The firm also noted that the addition of Chameleon will see it launch ‘V1’ of the Betr platform in H1 2024.

The company is currently running on its ‘V0’ version of the site.

Under the terms of the deal, Betr will acquire Chameleon source code, related documentation, intellectual property and physical assets.

Levy, Betr CEO, 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,” he added.