DraftKings Inc. has agreed a deal that will see the company acquire long-time partner and in-game betting tech provider SimpleBet.
The deal has been approved by boards of both companies and is now subject to regulatory approvals. According to DraftKings’ announcement of the merger, the company will look to integrate SimpleBet’s machine learning models for in-game betting (live betting) into its online sports betting platforms.
No financial details of the deal have been released.
Corey Gottlieb, DraftKings Chief Product Officer said of the deal:
“Live betting represents an area for potential growth for online sports betting, and the proposed acquisition would allow DraftKings to leverage Simplebet’s proprietary technology to create an in-play wagering experience that moves at the speed of sports. And while we continue to elevate our product offering in this space, we are also committed to building technology that supports our robust consumer protection standards.”
Chris Bevilacqua, Simplebet co-founder and CEO added:
“Joining forces with our long-term collaborators at DraftKings will further the Simplebet mission to make every sports moment matter. This transformative acquisition, upon completion, will marry our best-in-class AI and machine learning technology with the DraftKings product offering, enhancing the customer experience for a new era of real-time, in-play gaming.”
Following news of the deal, DraftKings shares lost 2.8% in Wednesday’s regular trading on the Nasdaq to close at $34.35. DraftKings has a current market cap value of $17.65 billion.
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.
