Betting Hero acquisition completed by Hero Group with GeoComply backing
The acquisition of Betting Hero from FansUnite Entertainment has been completed by Hero Group for an aggregate purchase price of $37.5m, adjusted on a cash-free, debt-free basis.
Hero Group is a newly incorporated entity 60% controlled indirectly by Betting Hero’s Co-Founders Jai Maw and Jeremy Jakary, with financial backing and 40% controlled by geolocation compliance, anti-fraud, and identity technology provider GeoComply.
Maw, Co-Founder and President of Betting Hero, commented: “When PASPA was repealed in 2018, Jeremy and I had a vision of helping more people safely learn how to enjoy the incredible digital experience offered by our customers.
“Six years later, we’ve activated over 500,000 players across the nation, and with the GeoComply relationship, we have the firepower to offer more to the industry and our customers. GeoComply and Betting Hero see the world in a similar way, and we’re excited to have their backing to scale through our next growth phase of Betting Hero.”
Betting Hero is described as a “live activation and research services company” that utilises its extensive “Hero” network to engage directly with players via “dynamic, face-to-face interactions at casinos, arenas and partnered bars”.
“GeoComply shares Jai and Jeremy’s vision to deliver the very best player experience for our industry,” stated Anna Sainsbury, CEO of GeoComply.
“While digital analytics alone can offer great insights, they lack the in-person experience for operators to see, hear, and learn from real customer interactions. Betting Hero bridges that gap by delivering exceptional real-world UX insights.
“We experienced that firsthand ourselves as customers of their Research division, and now we’re excited to support Betting Hero in using that expertise to drive even greater growth.”
In addition, Betting Hero provides operators and suppliers with “actionable intelligence and insights through its purpose-built and industry-specific consumer insights and testing division; Betting Hero Research”.
William Zeralsky, VP of Marketing Strategy & Performance at PENN Entertainment, noted: “As a leading operator in the hyper-competitive North American digital markets, PENN Entertainment relies on the Betting Hero Research division as a trusted partner, delivering timely, relevant, and actionable information that accelerates our digital transformation. Their insights are invaluable.”
FansUnite acquired Betting Hero from its parent company American Affiliate in 2021. As a result of the sale, the only brand in FansUnite’s portfolio is BetPrep.
The company will delist its common shares from the Toronto Stock Exchange on 21 August, ceasing trading of its common shares in the Canadian public market. FansUnite will also apply to withdraw the quotation of its common shares from the OTCQB as soon as possible after the delisting.
Commenting on the sale of Betting Hero, Scott Burton, CEO, Director and Chair at FansUnite, added: “The completion of this sale represents the culmination of a tremendous amount of effort from the entire FansUnite team, and I am proud of what we have accomplished.
“I extend my sincere thanks to our shareholders for their support throughout this journey. I also want to acknowledge the exceptional efforts of our Board, advisors, and legal teams, whose dedication was vital in bringing this transaction to a close.
“We wish the Betting Hero and GeoComply teams continued success and look forward to exploring new opportunities that will create value for our shareholders.”