DraftKings Inc. agreed to acquire Simplebet Inc., a leading sports betting provider for in-play micromarket content and pricing, saying the deal will make betting easier for customers.
DraftKings acquired Simplebet to make live sports betting faster and easier for its patrons
The merger agreement and the proposed transaction have been approved by the Boards of Directors from each of DraftKings and Simplebet. The proposed transaction is subject to the receipt of required gaming regulatory approvals and other customary closing conditions.
DraftKings, one of the largest online betting companies, plans to integrate the Simplebet models into its systems. Improving live betting has been a top priority for the sportsbook, according to the new release on Wednesday.
The cost of the acquisition wasn’t disclosed. Such in-game or microbets are growing in popularity. Simplebet was founded in 2018 as a B2B provider. It provides pricing information on wagers to other operators for leagues including the NBA, NCAA, NFL, NHL, and MLB.
The proposed transaction would improve the quality, breadth, and speed of data throughout the DraftKings trading lifecycle. This agreement will also unlock a faster and more frictionless experience for the company’s customers.
Sportsbook will leverage Simplebet’s proprietary technology to create an in-play wagering experience
“Live betting represents an area for potential growth for online sports betting. … 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,” said Corey Gottlieb, DraftKings Chief Product Officer.
“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.”
Simplebet has developed a maintainable and highly performant foundation for a live betting platform that is algorithm oriented. The B2B provider utilizes proprietary models to offer more in-play moments for bettors. Simplebet also uses in-house technology to price micromarkets.
“Joining forces with our long-term collaborators at DraftKings will further the Simplebet mission to make every sports moment matter,” said Chris Bevilacqua, Simplebet co-founder and CEO.
