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.
DraftKings, a popular sports betting and daily fantasy sports company, recently announced its plans to acquire SimpleBet, a leading provider of in-game betting technology. This acquisition marks a significant move for DraftKings as it looks to enhance its offerings and provide a more immersive and engaging experience for its users.
In-game betting, also known as live betting, allows sports fans to place bets on various outcomes during a game or match. This type of betting has become increasingly popular in recent years, as it adds an extra layer of excitement and strategy to sports wagering. With SimpleBet’s innovative technology, DraftKings will be able to offer its customers a seamless and user-friendly in-game betting experience across a wide range of sports.
SimpleBet’s technology uses machine learning and automation to generate real-time odds and outcomes for in-game betting markets. This allows sportsbooks like DraftKings to offer a wide variety of betting options to their customers, including player props, game props, and more. By acquiring SimpleBet, DraftKings will be able to further differentiate itself in the competitive sports betting market and attract new customers looking for a dynamic and interactive betting experience.
In addition to enhancing its in-game betting offerings, the acquisition of SimpleBet will also help DraftKings improve its overall product and technology capabilities. SimpleBet’s team of experienced engineers and data scientists will join DraftKings’ technology division, bringing their expertise in machine learning, automation, and real-time data processing. This will enable DraftKings to continue innovating and developing new features and products to stay ahead of the curve in the rapidly evolving sports betting industry.
Overall, DraftKings’ acquisition of SimpleBet is a strategic move that will benefit both companies and their customers. By combining forces, DraftKings will be able to offer a best-in-class in-game betting experience that sets it apart from its competitors. Sports fans can look forward to a more interactive and engaging betting experience with DraftKings in the near future.
