Update: SimpleBet confirms deal worth up to $195 million.
DraftKings Agrees Deal to Acquire In-Game Betting Tech Provider SimpleBetThe 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.
DraftKings Agrees Deal to Acquire In-Game Betting Tech Provider SimpleBetCorey 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:
DraftKings Agrees Deal to Acquire In-Game Betting Tech Provider SimpleBetFollowing 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.
