DraftKings has announced an agreement to acquire Simplebet, a provider of in-play micro market betting content and pricing. 

The proposed acquisition, which has been approved by the Boards of both companies, is pending regulatory approval and other standard closing conditions.

The deal is set to integrate Simplebet’s machine-learning models into DraftKings’ existing platform. This integration is expected to improve the speed and accuracy of in-play betting opportunities, reportedly allowing for more precise and dynamic wagering during live sporting events.

DraftKings aims to improve the overall quality and efficiency of its betting offerings through this acquisition.

Corey Gottlieb, DraftKings CPO, said: “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.”

Simplebet, founded in 2018, focuses on developing technology for micro market pricing in sports such as NFL, MLB, NBA and NHL. The company uses machine learning and automation to create more opportunities for bettors to place wagers on specific in-game moments, such as the next pitch or the next point.

The acquisition also comes at a time when DraftKings is making strategic moves to expand its market presence. Despite facing recent challenges, such as a fine for financial reporting errors in New Jersey, the company reported a 53% increase in revenue for the first quarter of 2024.

What we said in November 2021…

KEEPING THINGS SIMPLE

In my most specific prediction here, I’m willing to publicly declare my belief that Simplebet will become a huge industry name in the years to come – and definitely enjoy further growth in 2022. No, I’m not on the company’s payroll. Simplebet is a US-facing sports betting provider that specialises in micro-betting technology; in the simplest terms – if you’ll pardon the pun – all this means is it maximises opportunities for in-play betting on: the next pitch, the next throw, the next three-pointer. It’s good and bad news for sports bettors; it gives them ample opportunity to wager but ample opportunity to lose, lose and lose some more.

Big-name operators will love this technology; and many already do, with DraftKings and FanDuel having partnered with the firm early on in its trajectory.  There’s not just that, but the small matter of former MGM Resorts International CEO Jim Murren joining its board and even YouTuber-cum-boxer Jake Paul’s investment company contributing to its $30m Series B investment round. As the North American sports wagering market matures, operators will be on the lookout for quick, sharp technology that maximises efficiency in every way it can. So watch this space – and watch out for Simplebet.