In a significant strategic move to bolster its position in the rapidly expanding sports betting sector, DraftKings, Inc., a leading digital sports entertainment and gaming company, has announced the acquisition of Simplebet, a firm renowned for its expertise in micro-market pricing and sports betting content. This acquisition is set to enhance DraftKings' in-game betting offerings by capitalising on Simplebet’s advancements in machine learning algorithms.
Simplebet’s technology allows punters to place bets on outcomes in real-time during sporting events, adding an exciting dynamic to the betting experience. For example, in baseball, users can wager on the outcome of the next pitch, while in football, they can bet on the result of the next play. This innovative approach not only increases user engagement but also broadens the range of betting options available, making the experience more thrilling.
DraftKings and Simplebet had already established a partnership, and this acquisition marks the culmination of their long-term collaboration. Chris Bevilacqua, co-founder and CEO of Simplebet, expressed optimism about the future, emphasising that partnering with a leading operator like DraftKings will unlock numerous opportunities. He noted that this acquisition will provide players with fresh and innovative ways to support their favourite teams. Bevilacqua also remarked that this transformative deal combines industry-leading AI and machine learning technology with DraftKings' product offerings, heralding a new chapter for both companies.
This acquisition is also part of DraftKings’ broader strategy to expand its online gaming portfolio amidst increasing competition, particularly in the United States, where it faces stiff rivalry from FanDuel, owned by Flutter Entertainment. Simplebet’s innovative technology could give DraftKings the competitive edge it needs to stand out in the market.
The boards of both companies have approved the acquisition, although it remains subject to regulatory approvals and other standard closing conditions. Once completed, Simplebet’s proprietary machine learning models will be fully integrated into DraftKings’ pricing and technology platform. This integration is expected to enhance real-time betting accuracy, improve data quality, and increase the speed of offerings across DraftKings’ platform.
Corey Gottlieb, DraftKings’ chief product officer, highlighted that micro-betting represents one of the most promising technologies in the sports betting market. He believes that Simplebet’s expertise will help DraftKings stay ahead of industry trends and maintain customer engagement. Gottlieb also noted that live betting offers an in-play wagering experience that keeps pace with the speed of sports, underscoring the importance of this acquisition.
By acquiring Simplebet, DraftKings has strategically positioned itself to excel in the fast-evolving sports wagering market. The integration of advanced machine learning technology into its platform is expected to set a new standard for in-play betting, providing users with a more immersive and responsive experience. If successful, this move is likely to prompt competing operators to adopt similar technologies to remain competitive.
Comments