DraftKings to Purchase Simplebet

American gaming operator DraftKings announced today that it has reached an agreement to purchase Simplebet for an undisclosed amount.

The agreement has been approved on by management and shareholders on both sides and is subject to regulatory approval. The company is attractive to DraftKings, as Simplebet provides technology that allows for micro betting on in-play events. These bets include whether pitches will be strikes or balls, whether football plays will be runs or passes, and more. The company also utilizes AI, which DraftKings will be able to leverage at scale for its own sportsbetting platform.

DraftKings Chief Product Officer Corey Gottlieb commented on the deal, noting: "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. 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 CEO Chris Bevilacqua added: "Joining forces with our long-term collaborators at DraftKings will further the Simplebet mission to make every sports moment matter. 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 purchase agreement is subject to regulatory approvals, and no anticipated closing date was made available by either party at press time. We'll be following the transaction and updating readers as appropriate.