DraftKings has acquired live betting technology firm Simplebet for an undisclosed sum. The Boston-based company announced the deal on Wednesday, with the board of directors at both firms already giving the transaction their seals of approval. The agreement still needs a green light from the relevant gambling regulatory authorities and to complete standard closing steps before it becomes official.
integrate the proprietary in-play pricing and micro-market models into its sports betting product
DraftKings plans to integrate the proprietary in-play pricing and micro-market models into its sports betting product to “create highly accurate betting opportunities during every moment of a game” that it hopes will ultimately make the user experience more efficient.
In the press release announcing the acquisition, DraftKings Chief Product Officer Corey Gottlieb said that live betting is an area of online betting that has the potential for a lot of growth, with the Simplebet deal helping DraftKings improve the “quality, width, and speed” of its live data.
Simplebet CEO and Co-Founder Chris Bevilacqua welcomed the opportunity to join forces with DraftKings, as it is a long-running client and believes it will be a great relationship for users.
The gambling operator already owned 15% of Simplebet after partnering in August 2021 and it was reported in May that DraftKings was looking into buying the remaining equity for as much as $170m.
