Jake Paul, Joey Levy’s Betr acquires Chameleon betting platform

The betting company co-founded by Jake Paul and Joey Levy is adding a new sports betting platform as it seeks to continue breaking into the sports betting industry.

Betr has acquired the Chameleon platform from Canadian sports technology company FansUnite for $7.45 million. Sixty percent of the transaction was completed in cash, with the other 40% coming in stock.

Chameleon’s suite includes player account management, sports betting engine, and casino management. The engineering team on Chameleon will now work for Betr, who will begin developing the product immediately and expect to go live in the first half of 2024.

The sportsbook startup has made waves since its founding last year by emphasizing micro-betting — the act of placing wagers on moments within games — and creating a more intuitive online sportsbook experience for users. With the acquisition of Chameleon, Betr is looking to become more of a traditional sportsbook while maintaining what has made it popular in the first place.

“We went to market deliberately with what admittedly was initially a little bit of a barebones product, but to get out there really quickly, learn from the product experience, and improve it over time,” Levy told Front Office Sports.

Levy envisions Betr offering all of the same bets that the most popular sportsbooks offer but using the same “multiple-choice, quiz-like questions” that have been the hallmarks of Betr’s micro-betting experience.

“We don’t want a situation where a user really loves Betr for micro-betting, but they want to place a bet on the outcome of a game, or a parlay, or a future bet, and they quite literally have to use another product experience because we don’t offer it,” says Levy. “So this is a part of accelerating our ability to offer pretty much everything that a consumer would find on FanDuel or DraftKings while also enjoying the benefits of what we’ve developed from a core user experience standpoint.”

The acquisition of Chameleon will also offer Betr the perk of flexibility: Levy says the company will not be beholden to other services to run its betting operation anymore and can even adjust it on the fly as needed.