Ticket selling platform Vivid Seats has announced its acquisition of sports betting app Betcha Sports for $25m, paid in Vivid Seats equity.
Additional payments of up to $40m are also available depending on meeting certain targets, and would be paid in a mix of cash and equity.
Betcha Sports offers players the chance to win based on predicting whether individual sports or esports athletes achieve certain statistical targets. Player performances in their predictions are then recorded through social features on the site. The platform gathered $4m in a funding round in July.
“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,” said Stan Chia, chief executive officer of Vivid Seats.
“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.”
The acquisition will see Vivid Seats expand into online gaming through Betcha Sports’ offerings.
“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,” said Hanson Wong, CEO of Betcha Sports.
“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.”
