Hero Group has completed the acquisition of Betting Hero from FansUnite Entertainment, with a total purchase price of $37.5 million, adjusted on a cash-free, debt-free basis.
Hero Group is a newly established entity, 60% of its shares are indirectly controlled by Betting Hero's co-founders Jai Maw and Jeremy Jakary, and funded, while 40% of the shares are controlled by GeoComply, a provider of geolocation compliance, anti-fraud, and identity technologies.
Betting Hero co-founder and president Maw commented: "When PASPA was repealed in 2018, Jeremy and I had a vision to help more people safely learn how to enjoy the incredible digital experiences offered by our clients.
"Six years later, we have activated over 500,000 players nationwide, and through our collaboration with GeoComply, we have the ability to offer more services to the industry and our clients. GeoComply and Betting Hero see the world in similar ways, and we are thrilled to have their support to help Betting Hero enter its next growth phase."
Betting Hero is described as a "live activation and research service company" that engages directly with players through dynamic, face-to-face interactions at casinos, sports arenas, and partner bars using its extensive "Hero" network.
Commenting on the sale of Betting Hero, FansUnite CEO, director, and chairman Scott Burton added: "The completion of this sale represents a tremendous effort by the entire FansUnite team, and I am proud of our achievements.
"I sincerely thank our shareholders for their support throughout the process. I also want to thank the board, advisors, and legal team for their outstanding efforts, which were crucial for the smooth completion of this transaction.
"We wish the Betting Hero and GeoComply teams continued success and look forward to exploring new opportunities to create value for our shareholders."
