Online ticket marketplace Vivid Seats has acquired the fantasy sports app, Betcha Sports.
The upfront purchase price is $25m (£18.9m/€22.1m) in Vivid Seats equity with additional payments of up to $40m of earn outs that, if earned, will be paid through a mix of cash and equity.
The deal means that Vivid Seats will be able to expand its marketplace technology into the online gaming sector.
Stan Chia, chief executive of Vivid Seats, said: “The acquisition of Betcha further strengthens our position as a leading marketplace, accelerating our journey into naturally adjacent areas with engaging features that deliver unique experiences for our customers.
“We have been incredibly impressed with their continued growth and are excited to welcome the Betcha team to Vivid Seats, as we combine their new way to play with our desire for fans everywhere to experience it live. We believe this acquisition can significantly increase our TAM, while allowing for customer acquisition synergies with our high interest fan base.”
Chia added: “I look forward to leveraging our collective expertise and passion to drive enhanced fan engagement through discovery, loyalty, and content to deliver outstanding customer experiences.”
Betcha has a simple-to-use interface, catering for both casual and super fans of online gaming and allowing them to enjoy the action. The fantasy sports app also provides social elements that allow fans and friends to play together.
CEO of Betcha Sports Hanson Wong said: “Vivid Seats and Betcha share a mutual commitment to helping fans experience the thrill of live events combined with a new and innovative, yet simple way to play. We could not have found a better partner than Stan and the Vivid Seats team, as we introduce a new gaming experience to millions of Vivid Seats customers.”
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