Jake Paul And Joe Levy's Betr Sports Betting Company Acquires Chameleon, Continues Push For Direct-To-Consumer Platform

Microbetting sports betting platform Betr, founded by Jake Paul and Joey Levy, announced a recent acquisition to continue its push in the sector. Here’s a look at the deal and how it could shape the future of Betr.

What Happened: Paul and Levy launched Betr with the goal of simplifying the process of live sports betting and predicting results.

The company operates with a sports media division and an online sports betting and online casino division.

Paul is the president of the company with Levy serving as the CEO.

Betr announced recently that it was acquiring the Chameleon platform from FansUnite Entertainment Inc. FUNFF. Chameleon is a gaming company offering player account management, sports betting infrastructure and casino management. The company also has gaming certification in several U.S. jurisdictions.

Editor's Note: Betr, Jake Paul and Joey Levy will be appearing at Benzinga's Titans Sports Betting Summit on May 24. 
 

“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,” Levy said. “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.”

Under the terms of the transaction, Betr is valuing Chameleon source code, documentation, intellectual property and physical assets at $7.45 million. The acquisition is being paid with $2.23 million in cash and $1.49 million in equity at closing. Betr will also pay $2.23 million in cash and $1.49 million in equity payable over 12 months after the closing of the acquisition.

Related Link: Jake Paul Launches Betr App, Potentially Making Him And You Richer 

Why It’s Important: Betr said the acquisition will help the company vertically integrate its platform and will help accelerate its coverage areas for sports betting and iGaming.

Betr is the fastest-growing sports betting media brand in the U.S., according to the company and was the first microbettting-focused gaming company.

Microbetting is a growing market for sports betting that allows live wagers on items such as the next play being a pass or rush and what the next pitch in a baseball game will be.

“Betr aims to solve a problem with traditional sportsbooks — a complicated and confusing user experience with numbers and odds that are uninterpretable to the mass market casual sports fan,” the company said.

Investors in Betr include professional football players Dez Bryant, Ezekial Elliott and Richard Sherman and rapper Travis Scott.

“Micro-betting is the Tik-Tok-ifcation of sports betting and I am excited to bring it to the masses through Betr,” Paul said previously. “We are in this for the long haul and are focused on doing things the right way.”

Paul said Betr aims to be a category-defining company for consumers in sports betting and sports media.

To hear more about Betr and the growth of microbetting, join the Benzinga Sports Betting Titans virtual event on May 24 where Levy and Paul will be featured.

Read Next: Hall Of Fame Resort Partners With Sports Betting Company Betr 

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