FansUnite sells Betting Hero to co-founders and GeoComply in $37.5 million deal

[The Buzz]

It was announced last week that Betting Hero, an on-site customer activation and research company, is being acquired for $37.5 million by its co-founders and GeoComply, with the co-founders retaining majority ownership at 60%.

With the addition of Betting Hero's acquisition and research capabilities to its portfolio, GeoComply continues to expand beyond geolocation services, now also offering fraud detection, KYC, and licensing services.

From the press release:

Upon completion of the Transaction, the Purchaser will be controlled 60% by Betting ‎Hero’s co-founders, Jai Maw and Jeremy Jakary (the “Betting Hero Co-Founders”), and ‎‎40% by GeoComply. GeoComply’s investment in the Purchaser will support the Betting Hero Co-Founders to operate and grow the Betting Hero business following the sale of the Betting Hero business to the Purchaser.

“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. At GeoComply we share that vision and are delighted, through this intended investment, to help Betting Hero further their efforts and deploy more resources and focus into serving our customers and their patrons throughout North America,” said Anna Sainsbury, GeoComply CEO.

Betting Hero has operated for six years and is now active in more than 20 regulated gaming states. Its Activation business has converted over 500,000 new users to online sportsbook and iGaming operators, nearly all of whom were betting at a casino, arena, or in the Betting Hero bar network.

The Betting Hero Research segment shows that new users activated by ‘Heroes’ are 50% more likely to make a successful first-time deposit, compared to the industry average. Betting Hero and GeoComply intend to work in tandem to develop real-time solutions that will make the online sportsbook and iGaming activation process as seamless as ever.

Read more here: https://www.geocomply.com/news/geoco...-betting-hero/