Under the deal, Betr will pay $2.2m in cash and $1.5m in equity at closing, as well as $2.2m in cash and $1.5m in equity during the 12 months after the transaction completes.
Chameleon offers a suite of gaming solutions including player account management (PAM), sports betting engine and casino management.
Betr said that the acquisition will allow it to vertically integrate PAM, sports betting engine, online casino technology and other future potential Betr Gaming verticals into its direct-to-consumer platform.
This, Betr added, will accelerates its broader sports betting market coverage and igaming capabilities, including the ability to launch a fully integrated sportsbook and casino, while also helping the business to save on long-term product costs.
“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,” Betr’s founder and chief executive, Joey 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.
“Our current product experience is very much a beta product, which we refer to internally as V0 of the Betr product experience. With the Chameleon platform and team we can now immediately begin work on developing V1 of the Betr product experience, which we expect to launch during H1 2024.”
FansUnite chief executive Scott Burton 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.”
The deal comes after FansUnite earlier this month also completed the sale of its Scottish-focused sportsbook and online casino McBookie to an arm’s length third-party.
The identity of the buyer was not disclosed, but it was confirmed that the deal was worth over CA$5.0m, more than double the $2.2m that FansUnite paid to acquire McBookie in March 2020.