FansUnite US, under parent FansUnite Entertainment, has agreed to sell its US-focused affiliate for $37.5m (£29.6m/€35m) to GeoComply and Betting Hero’s co-founders.
GeoComply, the compliance solution provider, will take a 40% stake in the company while Betting Hero co-founders Jai Maw and Jeremy Jakary will control operations with a 60% stake.
Betting Hero was established in 2018 by Maw and Jakary is active in over 20 regulated North American igaming states.
“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 CEO.
“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,” she added.
FansUnite previously sold its asset BetPrep to Stram Entertainment as part of a partnership between the two companies in February 2023. As part of that agreement, FansUnite were to be paid a 30% revenue share for 36 months from the September 2023 closure date.
The company also sold Scottish-focused sportbook and online casino McBookie to an arm's length third-party in May 2023, divesting the asset it bought for $1.6m two years prior.
The sale to GeoComply and the Betting Hero co-founders is expected to close around 15 August 2024.