DraftKings has entered into a deal to acquire New York-headquartered micromarket content and pricing provider Simplebet.
The proposed acquisition will allow for the integration of Simplebet’s proprietary machine-learning models into DraftKings’ pricing and technology platform, helping to create betting opportunities during every moment of a game.
DraftKings said the acquisition will improve the quality and breadth of its data while unlocking a faster and more frictionless experience for customers.
“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,” said DraftKings chief product officer Corey Gottlieb.
“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.”
Founded in 2018, Simplebet uses in-house technology to price micromarkets for the NFL, MLB, NBA, NCAA Football, NCAA Basketball and the NHL.
“Joining forces with our long-term collaborators at DraftKings will further the Simplebet mission to make every sports moment matter,” said Simplebet co-founder and CEO Chris Bevilacqua. “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.”
The transaction has been approved by the boards of directors of both companies, with completion subject to regulatory approvals and other customary closing conditions.
Shares in DraftKings Inc (NASDAQ:DKNG) closed 2.77 per cent lower at $34.35 per share in New York Wednesday.