Draftkings Inc (NASDAQ:DKNG) plans to enhance its in-play betting services by acquiring Simplebet, a company specialising in micro-market pricing and content for sports betting.
Approved by both companies' boards, the deal is pending regulatory approvals. Terms of the transaction were not disclosed.
Simplebet's machine learning technology will be integrated into DraftKings' platform, offering more precise and real-time betting opportunities during games.
Corey Gottlieb, DraftKings’ chief product officer, highlighted the potential growth in live betting through this deal.
The move follows DraftKings' recent acquisition of Jackpocket, a digital lottery app, which contributed to the company’s revenue growth in the second quarter.
DraftKings said it is aiming for $900 million to $1 billion in adjusted EBITDA next year.