Vancouver-based GeoComply Solutions Inc. has announced it is taking a minority position in Betting Hero.
FansUnite Entertainment Inc., and its subsidiary FansUnite US Inc. that was operating the Betting Hero business, are selling 60 percent to Betting Hero’s co-founders, Jai Maw and Jeremy Jakary (Hero Group Corp.), with GeoComply taking the remaining 40 percent, for an aggregate purchase price of US$37.5 million.
Closing date for the transaction is set on or about Aug. 15, 2024.
“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,” said Anna Sainsbury, GeoComply’s Co-Founder and CEO. “At GeoComply we share that vision and intend to help Betting Hero further their efforts and deploy more resources and focus into serving our customers and their patrons throughout North America.”
Betting Hero is described as a “concierge service” for igaming enthusiasts, to help customers sign up and use top mobile-betting sites. A key cog of their business comprises live events, in sports bars, casinos, and sporting events, which in part educate people with personalized assistance around registration, funding, betting and withdrawal.
Betting Hero has been in business for six years and operates in more than 20 regulated gaming states. According to a news release, its activation business has converted over 500,000 new users to online sportsbook and igaming operators, so they’ve been at the forefront of creating new audiences in the regulated U.S. landscape. Nearly all of those were betting at a casino, arena, or in the Betting Hero bar network.
“After a long and thorough strategic evaluation of our business, we’ve received a substantial cash offer for our primary remaining asset,” said Scott Burton, Chief Executive Officer and a director of the board. “It not only reflects high market multiples when compared to similar transactions, but also a substantial premium to our current share price. We believe it’s in the best interest to recommend the sale and allow the shareholders to vote on a return of capital.”
GeoComply is a technology company that detects location fraud, working with operators to help verify a user’s true digital identity, providing cybersecurity solutions.
