A fantasy and legal sports betting operator is acquiring the customers of a defunct platform.
Betr — a micro-betting fantasy and sportsbook app — has agreed to a transaction with No House Advantage to transfer account balances after the site ceased operations earlier this year.
“As Betr Picks has quickly established itself as a leading fantasy sports operator in record time, we are constantly evaluating ways to continue growing quickly while also doing right by the community,” said Betr co-founder and CEO Joey Levy in a statement on LinkedIn.
NHA, which was acquired by Korean private equity firm Corstone Capital in 2022, shut down with no forewarning to customers in August. The lack of notice caused users to temporarily lose access to funds in their NHA accounts, which led to an abundance of withdrawal requests.
NHA cited a defraud attempt as the reason for the closing of its fantasy and online betting sites.
“No House Advantage has ceased operations effective immediately,” said the company website in August. “Approximately a month ago, NHA was made aware of what may have been a coordinated attempt to defraud the company via a payment chargeback scheme which has impacted our ability to process withdrawal.”
The alleged attempt to defraud NHA came before a $8,000 fine by the Pennsylvania Control Board. The fine was for failing to notify the PGCB of a change in ownership structure.
Meteoric rise
Betr is acquiring NHA customer account balances amid rapid growth.
The sports betting company, co-founded by YouTuber-turned-professional athlete Jake Paul, has steadily grown since its launch. In January, Betr debuted in Ohio and has quickly expanded.
Betr debuted its real money fantasy sports offering Betr Picks in July, which is available in 24 jurisdictions across the United States. Those markets include California, Illinois, Massachusetts, Texas, Virginia, North Carolina, and others.
The company is poised for continued growth with a strong portfolio of investors. In June, Betr completed a $35 million Series A2 funding round, which valued the enterprise at roughly $300 million. The fresh injection of capital came after the company raised $50 million in 2022.
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