Vivid Seats Inc. (NASDAQ: SEAT), acquired Betcha Sports to augment their online ticketing marketplace technology portfolio with a real money sport app complete with social media and gamification feature sets furthering the parent company’s fan connection while attending live sporting events. Vivid Seats completed the final business step for a purchase price of $25 million in Vivid Seats equity today to add daily fantasy gaming to Vivid’s tech platform connecting even more fans to the millions of existing buyers of tickets provided by sellers on the secondary market. The Sports Techie community blog curator, me, enjoys different types of betting as well as purchasing a ticket online to a sporting event or concert especially when it comes with a reward like the Vivid Seats Rewards program earned on each purchase. This news supports details regarding Vivid Seats recent record-setting Q3 results, which reflected its highest single quarter results across all of its key financial metrics. Live events have returned stronger than expected with fans excited to support their favorite sports teams and artists even with the unknowns of the COVID Omicron variant. Today, the UK reported their first death as a result of the changing COVID-19 virus. Staying safe when attending any type of in-person event no matter the venue size or number of attendees is the best practice for everyone in attendance. Congratulations to the Betcha and Vivid teams for working hard to make this new reality happen together.
Sportsbiz Consolidation Benefits and Costs
The acceleration of Vivid Seats’ journey into expanding verticals is why the Company believes they will significantly increase its TAM, due to the enabling of like-minded customer acquisition in sync with their own coveted fanbase.
Hanson Wong, Chief Executive Officer of Betcha Sports, 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 team, as we introduce a new gaming experience to millions of Vivid Seats customers.”
Founded in 2018, Betcha Sports, Inc., is a daily fantasy sports (DFS) app, featuring individual player performance props, with a simple-to-use interface complemented by social and gamification functionalities. Betcha’s intuitive interface is designed for both casual and super fans to have multiple options to enjoy the action. The Company also features unique social tools for fans and friends to play and win together.
The upfront cost of $25 million in Vivid Seats equity is subject to customary purchase price adjustments, with additional payments of up to $40 million of earnouts that, if earned, will be payable in a mix of cash and equity.
“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. We believe this acquisition can significantly increase our TAM, while allowing for customer acquisition synergies with our high interest fan base. 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.”
For those interested, transaction specifics are to be discussed during Vivid Seats fourth quarter earnings conference call. Fans searching for the best live experiences can start by downloading the Vivid Seats mobile app, going to vividseats.com, or calling 866-848-8499.
Sports Techie, Vivid Seats was founded in 2021 in Chicago. They helped pioneer the digital “Experience It Live” transaction connecting consumers to live events, artists and teams across North America with ticket buying opportunities. The powerful combination of proprietary software and user-friendly technology focused Vivid Seats on driving ecosystem for both users and businesses interested in live event ticketing while advocating for the power of shared experiences to unite people.
Vivid Seats was selected as the official ticketing partner by icon brands throughout the entertainment industry including ESPN, Rolling Stone, and the Los Angeles Clippers.
I play DFS and love it. Adding Betcha’s prop-centric social and gamified elements to Vivid Seats diversifies their offering to the benefit of fans, ticket sellers, and sports and entertainment venues, in ways the near-future will unfold during 2022 and beyond.
Once again, Vivid Seats, Betcha Sports and me truly want everyone attending live sporting events to keep the health safety of all those in attendance top of mind.
Enjoy the live games, shows and DFS gaming action.
See you later sportstechie in Seattle, Atlanta and around the world!
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