DraftKings Expands In-Play Betting Capabilities with Simplebet Acquisition

the acquisition of Simplebet Inc. Announced on Wednesday, this deal underscores DraftKings’ commitment to revolutionizing the in-game wagering landscape. The acquisition price remains undisclosed, pending regulatory approval and other final conditions.

Enhancing In-Play Wagering with Cutting-Edge Technology

DraftKings aims to leverage Simplebet’s proprietary technology to develop an in-play wagering experience that aligns with the fast pace of sports. Corey Gottlieb, Chief Product Officer at DraftKings, highlighted the strategic importance of this acquisition. “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,” Gottlieb stated.

Simplebet, known for providing real-time wager-pricing information across various sports, including the NFL, MLB, NBA, NCAA football, NCAA basketball, and NHL, will bring its advanced artificial intelligence and machine learning technology to DraftKings. This integration aims to offer customers more accurate and timely betting opportunities throughout every game moment.

Chris Bevilacqua, co-founder and CEO of Simplebet, emphasized the transformative nature of this deal. “ing forces with our long-term collaborators at DraftKings will further the Simplebet mission to make every sports moment matter,” Bevilacqua said. He also pointed out that this acquisition would “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.”

Strengthening DraftKings’ Technological Edge

This acquisition marks DraftKings’ second major purchase of the year, following its acquisition of digital lottery company Jackpocket in May. Earlier in the year, DraftKings also acquired SportsIQ Analytics and sold VSiN back to its original owners. By integrating Simplebet’s machine learning models into its platform, DraftKings plans to offer a more comprehensive and rapid betting experience, reducing customer friction and expanding its in-play betting options.

The deal, which has received approval from the boards of directors of both companies, still requires regulatory clearance. The integration of Simplebet’s technology into DraftKings’ platform is expected to bring a significant technological enhancement in-house, allowing DraftKings to manage and refine its betting technologies more effectively.

Simplebet, established in 2018, specializes in micromarket pricing for major sports leagues and NCAA events. The company’s advanced technology uses machine learning to process data, such as next-pitch probabilities in baseball, with an impressive transaction speed of 250 milliseconds. This capability helps keep consumers engaged by offering more specific wagers throughout a game.

The acquisition reflects DraftKings’ ongoing strategy to build a robust in-house technological infrastructure rather than relying on third-party providers. This move is anticipated to provide DraftKings with a competitive edge in the rapidly evolving online sports betting market.

Chris Bevilacqua’s background includes a notable history of investing in and founding companies. In 2006, he sold CSTV, which he founded, to CBS Sports and has since invested in various media, sports, and tech companies.

Source:

“DraftKings agrees to buy in-play betting company Simplebet“, igamingbusiness.com, August 28, 2024.