Ticket Reseller Vivid Seats Acquires Betcha Sports

The ticket reseller Vivid Seats has acquired the sports gaming app Betcha Sports in a deal that could ultimately be worth up to $65 million.

The company announced the acquisition Monday (Dec. 13), saying it would pay $25 million in Vivid Seats equity, as well as additional payments of $40 million in earnouts that — if earned — will be made in cash and equity.

“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 super fans multiple ways to enjoy the action. Betcha also brings unique social elements that allow fans and friends to play and win together.”

Read more: Ticket Reseller Vivid Seats Books Deal To Go Public Via SPAC

Stan Chia, Vivid Seats’ CEO, said his company has been impressed with Betcha Sports’ growth, and that the acquisition allows Vivid to move into “naturally adjacent areas” that provide unique 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, based in Chicago, is an online marketplace that allows fans to buy or resell tickets to games, concerts and other events.

The company went public earlier this year in a special purpose acquisition company (SPAC) merger with Horizon.

See also: BNPL Firm Klarna Teams With Vivid Seats to Offer Installment Payments for Live Events

In September, Vivid Seats and the buy now, pay later company Klarna announced they had teamed up to give ticket buyers the ability to purchase tickets in four interest-free payments, with a payment plan option due to be unveiled at a later date.

Klarna’s Reopening Insights Reports — taken earlier this year — says that almost 70% of consumers plan to attend in-person events, while 70% said they’d pay more for an in-person experience than they would have before the pandemic.