Last updated: August 20, 2024
DraftKings completes its acquisition of Jackpocket, marking a significant step in tapping into the US lottery market. The move promises enhanced customer value and synergies between digital lottery services and DraftKings’ sportsbook and iGaming offerings.
More to the point, Jackpocket Inc., the number one digital lottery application in the US, was purchased by DraftKings Inc., according to the company’s previously announced intention.
As DraftKings CEO and co-founder Jason Robins shared, signing the Jackpocket deal represents the beginning of the latter’s value creation strategy.
He spoke about the possibility of implementing initiatives on cross-selling, improving customer acquisition, and innovation across the range of products the company offers.
At the same time, the company will focus on ensuring that both customers and shareholders will benefit from the acquisition of Jackpocket by integrating it with the DraftKings platform.
Are widespread digital lotteries, an experienced IT team, and a popular brand all part of Jackpocket’s reputation criteria?
The $120m cash-and-stock deal also enhances user lifetime value and the skills needed to acquire these customers. This means that DraftKings can now solidify its place in sportsbooks and iGaming and enter the massive U.S. lottery market.
Peter Sullivan, the CEO of Jackpocket, made this statement to show excitement as the company moves to the next level after acquiring a DraftKings permit.
Thus, he expressed confidence in their capability to help lotteries accomplish their mission of creating revenue for beneficiaries.
To provide further backing for Sullivan’s key points, he explained how DraftKings is unquestionably one of the industry giants. This is coupled with its superior mobile systems, which are crucial in fast-tracking the expansion and innovation of the digital lottery business.
