DraftKings, a popular sports betting company based in Boston, has recently announced its acquisition of live betting technology firm Simplebet. This strategic move will allow DraftKings to integrate Simplebet’s proprietary in-play pricing and micro-market models into its sports betting product, ultimately enhancing the user experience by creating highly accurate betting opportunities during every moment of a game.
The acquisition, which is still pending approval from relevant gambling regulatory authorities and completion of standard closing steps, marks a significant step for DraftKings in the live betting sector. DraftKings Chief Product Officer Corey Gottlieb expressed excitement about the growth potential in the live betting market and highlighted how the integration of Simplebet’s technology will improve the quality, width, and speed of live data for users.
Simplebet CEO and Co-Founder Chris Bevilacqua also shared his enthusiasm for the partnership with DraftKings, citing the long-standing relationship between the two companies and the benefits it will bring to users. DraftKings initially acquired a 15% stake in Simplebet in August 2021, and discussions about acquiring the remaining 85% stake for up to $170 million began in May.
The acquisition of Simplebet demonstrates DraftKings’ commitment to innovation and enhancing the overall sports betting experience for its customers. By leveraging Simplebet’s advanced technology and expertise in live betting, DraftKings aims to offer a more efficient and engaging platform that caters to the evolving needs of sports bettors.
Overall, the acquisition of Simplebet by DraftKings represents a strategic investment in the future of live betting and underscores DraftKings’ position as a leading player in the sports betting industry. As the deal moves towards completion, both companies are poised to unlock new opportunities and deliver a superior betting experience for their users.