DraftKings announced on Wednesday, August 28, its agreement to acquire Simplebet, a move aimed at enhancing its in-play betting capabilities and advancing its AI-driven offerings.
This acquisition marks DraftKings’ second significant purchase of the year, following its acquisition of digital lottery company Jackpocket in May. Earlier in the year, DraftKings also acquired SportsIQ Analytics and sold VSiN back to its original owners.
Founded in Boston in 2012, DraftKings is currently the second-largest sports betting company in the U.S. by market share.
While the financial details of the deal remain undisclosed and subject to regulatory approval, both companies’ boards have given their consent, as stated in a DraftKings press release.
The integration of Simplebet’s machine learning models into DraftKings’ platform will allow the company to offer “highly accurate betting opportunities during every moment of a game,” according to the release. This addition will enable DraftKings to provide more rapid and diverse wagering options while reducing customer friction.
Corey Gottlieb, DraftKings’ Chief Product Officer, highlighted the potential growth of live betting and the importance of the acquisition in enhancing their in-play wagering experience. He also emphasized the company’s commitment to maintaining strong consumer protection standards through advanced technology.
The deal, which had been in the works for some time, will bring Simplebet’s cutting-edge AI technology in-house, giving DraftKings more control over its technological assets. Simplebet, founded in 2018, specializes in micromarket pricing for major sports leagues and uses machine learning to create highly specific and fast-paced betting opportunities.
Chris Bevilacqua, Simplebet’s co-founder and CEO, expressed enthusiasm for the merger, stating that it would combine Simplebet’s top-tier AI and machine learning technology with DraftKings’ product offerings, enhancing the customer experience for real-time, in-play gaming.
Bevilacqua, who has a history of founding and investing in successful companies, sees this acquisition as a significant step forward for both Simplebet and DraftKings.
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