Earlier this month, sports micro-betting brand Betr completed its acquisition of the Chameleon platform for $7.4 million. Both brands specialize in a specific aspect of the sports betting market, making the transaction interesting. Will this be a game-changer for the sports betting industry, or are they too niche to make a significant wave?
Let’s examine further why Betr’s acquisition of Chameleon is noteworthy and what this could mean for the industry.
An overview of both companies
Because Betr and Chameleon are quite specific with what they aim to do in the market, it’s helpful to get an overview of each company first.
What is Betr?
Founded in 2022, Betr claims to be the world’s first micro-betting-focused app. While some bookkeepers offer micro-betting as an option alongside traditional betting lines, Betr only offers micro-betting opportunities and nothing else. The company believes this strategy is more beginner-friendly, allowing them to quickly hop in and out of a game for a bet.
What is Chameleon
Chameleon Gaming Platform by Askott Entertainment launched in 2019, allowing companies to launch their own gambling brands. Although the focus is mostly on eSports, Chameleon can enable brands to establish sports betting lines and casino games.
What does the acquisition entail?
Following the transaction, Betr will take ownership of everything related to the Chameleon brand – source code, intellectual property, and physical assets.
From a Betr user’s perspective, they will likely see Chameleon’s account management tools, casino games, and various sportsbooks integrated within the app soon. Previous users of both platforms will see similarities in Betr as the app updates in the future. In contrast, new or occasional users will be greeted with an expanded offering once Chameleon is fully integrated into the app.
What is Betr’s next move after acquiring Chameleon?
Betr hasn’t revealed yet how they plan to use Chameleon other than a blanket statement saying that the platform will allow them to “execute against [their] core strategy.” But considering the nature of both apps, there are two immediate possibilities as to what could happen:
- Betr will expand its offering to include eSports, traditional sports betting lines, and casino games. This much is obvious, considering those features are already built within Chameleon. Betr is looking to expand its user base beyond the micro-betting world and is hoping to capture traditional casino gamers and sports bettors into its app.
- Betr will use Chameleon’s capabilities to host eSports teams and introduce betting lines and micro-betting opportunities for their matches. The company’s focus has always been on Millenials and Gen-Z users, and they’re more likely to be familiar with eSports teams than older generations.
It’s also possible that Betr has a more extensive plan involving Chameleon’s capabilities, but only time will tell how those plans will pan out. Will it be disruptive, or will it be a momentary blip on the radar? Regardless of the results, one thing is certain: Betr will expand with Chameleon’s help.
