DraftKings to acquire Simplebet for live betting enhancements
The proposed transaction would allow for the integration of Simplebet’s proprietary machine-learning models into DraftKings’ pricing and technology platform.
DraftKings has announced that the operator has reached an agreement to acquire Simplebet, a sports betting provider of in-play micromarket content and pricing. The merger agreement and proposed transaction have been approved by the Board of Directors of both DraftKings and Simplebet and are subject to the receipt of required gaming regulatory approvals as well as other customary closing conditions.
“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,” DraftKings CPO Corey Gottlieb said.
“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 provides micromarket pricing for the NFL, MLB, NBA, NCAAF, NCAAB and the NHL. The company has developed a scalable, maintainable and performant foundation for a live betting platform that is algorithm-oriented.
“Joining forces with our long-term collaborators at DraftKings will further the Simplebet mission to make every sports moment matter,” Simplebet Co-Founder and CEO Chris Bevilacqua said.
“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 proposed transaction would see the integration of Simplebet’s proprietary machine-learning models into DraftKings’ pricing and technology platform in the hopes of creating accurate betting opportunities during every moment of a game.
It would also “improve the quality, breadth and speed of data throughout the DraftKings trading lifecycle, and would unlock a faster and more frictionless experience for the company’s customers,” as stated by the operator.
In 2021, the two originally formed a multi-year partnership to launch real-money micro-betting and allow DraftKings to offer such products for the NFL, MLB and NBA, as well as a number of college football events during the year.
The amount paid by DraftKings to acquire Simplebet has not yet been made public.
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