Last updated: September 02, 2024
DraftKings is set to acquire Simplebet Inc., a pioneer in in-play micromarket content and AI-driven technology. The acquisition aims to strengthen DraftKings’ position in the competitive US sports betting market, enhance real-time wagering experiences, and appeal to a younger demographic with advanced consumer protection standards and innovative tech solutions.
DraftKings, which is a daily fantasy sports site, has recently made its intention known to acquire a skilled in-play micro market content and pricing company known as Simplebet Inc., which has rapidly grown popular among young bettors.
For its part, this strategic take-over is expected to widen the consumer base DraftKings could target and secure its strategic position in the highly risky North American sports betting niche, especially in the United States of America.
The planned acquisition of Simplebet will help DraftKings to increase its revenues from in-play bets as the demand from users who like shifted to live betting based on the latest information has grown considerably recently.
The decision is strategically in line with DraftKings’ growth plan that aims at expanding its product portfolio while strengthening its hold in the global sports betting space.
Nevertheless, the finalization of this acquisition is still contingent upon various regulatory approvals among other closing conditions which DraftKings has highlighted in one of its recent press releases.
In an interview, DraftKings’ Chief Product Officer, Corey Gottlieb, said that the firm wants to acquire Simplebet Inc. with the anticipated advantages for DraftKings’ online betting platform. Gottlieb also stressed that Simplebet’s superior technology integration is expected to improve in-play betting, which will be even faster and more engaging.
He also focused on the work of DraftKings in its attempt to optimize its products and services while keeping a watchful eye on consumer protection. Like Konrad, Simplebet CEO and co-founder Chris Bevilacqua welcomed the news, underlining the expected outcomes that would favor the company’s technology.
As Bevilacqua noted, Simplebet’s AI and machine learning approaches will be integrated with the DraftKings product to provide a superior experience to users targeting real-time, in-play gaming.
They concern Simplebet Inc, the famed company of the United States that is to be acquired by DraftKings Inc. Founded in 2018, Simplebet specializes in B2B micro markets across the vast array of American sports including NBA, NCAAF, NFL, MLB, NHL, and NCAAB.
Simplebet’s rise in prominence is attributed to its cutting-edge algorithms that provide partners with precise and reliable data, attracting a growing audience of sports bettors keen on real-time action. As interest in sports betting shifts from pre-game to in-play and micro-markets, Simplebet has positioned itself at the forefront of this trend.
This acquisition is expected to bolster DraftKings’ capabilities, leveraging Simplebet’s advanced technology and machine learning algorithms to enhance both companies’ performance in the evolving betting landscape.
Despite this strategic move, DraftKings faced a setback as its stock fell by 2.77% to $34.35. The financial terms of the deal have not been disclosed.
DraftKings has been navigating a challenging period recently, including the backlash from its ill-fated surcharge tax plan and the decision to close its NFT marketplace. The company is also dealing with legal issues from the NFLPA, demanding $65 million in compensation.
