DraftKings Strikes Deal to Buy Simplebet
DraftKings has agreed to acquire Simplebet Inc., a move aimed at improving its live betting offerings and strengthening its AI-powered technology. The deal confirms the rumor that has been widely speculated in the industry since May.
The acquisition will allow DraftKings integrate Simplebet’s machine learning models into its pricing and technology platform.
LISTEN TO THIS ARTICLE:Established in 2018, Simplebet specializes in providing real-time pricing data for live event wagers to various sportsbook operators for top-tier leagues such as the NFL, the NBA, and MLB.
By acquiring Simplebet, DraftKings would be able to incorporate the provider’s proprietary machine-learning models into its pricing and technology platform. Leveraging Simplebet’s technology will enable DraftKings to provide its customers with expanded and faster wagering options, which will reduce customer friction and make betting easier, as per the company’s press release on Wednesday (28 August).
While the acquisition cost isn’t made public, the board of directors of both companies has already approved the proposed deal, and it is now subject to regulatory approval from relevant authorities.
Simplebet and DraftKings have enjoyed a successful long-term partnership, which will lay the groundwork for a seamless integration when the deal is finalized.
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.
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DraftKings Continues Portfolio Expansion
This acquisition marks DraftKings' second significant purchase of the year, following its takeover of Jackpocket, a digital lottery company in May. Earlier this year, DraftKings also acquired SportsIQ Analytics and divested its ownership of VSiN, selling it back to its founders.
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.
Established in Boston in 2012, DraftKings holds the second-largest market share in the US sports betting industry.
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