DraftKings agrees to buy in-game betting company Simplebet

By Mike Murphy

DraftKings Inc. is looking to bolster its in-game betting technology, announcing a deal Wednesday to acquire Simplebet Inc.

DraftKings (DKNG) intends to use Simplebet's proprietary technology "to create an in-play wagering experience that moves at the speed of sports," Corey Gottlieb, DraftKings' chief product officer, said in a statement.

The price of the acquisition was not disclosed.

Simplebet provides in-game wager-pricing information to gaming companies for the NFL, MLB, NBA, NCAA football, NCAA basketball and the NHL.

Also read: This state made $2 billion in tax revenue from sports betting last year

In a statement, Simplebet co-founder and CEO Chris Bevilacqua said the deal "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 deal is dependent on approval by gaming regulators and other closing conditions.

Shares of DraftKings are down about 2.6% year to date.

-Mike Murphy

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08-28-24 2302ET

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