A buyout
DraftKings is reportedly looking to acquire the microbetting technology company Simplebet. The Boston-based gambling operator already owns a 15% stake and the price to acquire the remaining equity is between $120m and $170m.
allows bettors to place wagers on the next event in a game
Simplebet allows bettors to place wagers on the next event in a game. For example, they can try to predict if the NBA player will score their free throw or if the golfer will hit the fairway with their tee shot. Many other leading sportsbooks now work with the company to provide this type of product to their users, including bet365, ESPN Bet, Hard Rock, and Caesars.
Growing interest
DraftKings acquired its 15% stake in Simplebet when they entered a partnership with each other in August 2021. This saw microbetting go live across the operator’s sportsbooks.
Microbetting and live wagering as a whole are becoming more popular among bettors, with Simplebet reporting last week that its total handle and wagering volume was more than twice the size compared to the same period last year. Handle jumped more than 120% and it processed over seven million wagers from the start of April up to mid-May.
A busy period
If DraftKings goes ahead and acquires Simplebet, it will be the latest in a flurry of acquisitions by the company in recent months. It announced the takeover of odds maker Sports IQ Analytics last week for between $50m and $70m.
allowing it to get a foothold in the US lottery space
DraftKings also revealed on Thursday that its $750m purchase of the digital lottery app Jackpocket is officially complete, allowing it to get a foothold in the US lottery space for the first time and cross-sell its existing products to a new customer base.