Vivid Seats (NASDAQ: SEAT), an online ticket marketplace, announced Monday that it has acquired sports gaming app Betcha Sports.
The arrangement is potentially worth a maximum of USD65 Million. The company revealed it would be paying USD25 Million in Vivid Seats equity as well as an additional USD40 Million in earnouts.
“The acquisition of Betcha will allow Vivid Seats to extend its marketplace technology into the online gaming sector, allowing millions of Vivid Seats customers to participate in daily fantasy gaming in a new way,” the company said in a news release. “Betcha’s intuitive and simple-to-use interface allows both casual and superfans multiple ways to enjoy the action. Betcha also brings unique social elements that allow fans and friends to play and win together.”
According to Stan Chia, Chief Executive Officer of Vivid Seats, the company has been fascinated with Betcha Sports’ development. Furthermore, the purchase allows Vivid to shift into “naturally adjacent areas” which provide exclusive customer experiences.
“We believe this acquisition can significantly increase our TAM, while allowing for customer acquisition synergies with our high-interest fan base,” Chia said. “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.”
Vivid Seats recently went public through a special purpose acquisition company (SPAC) merger with Horizon.