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DraftKings Set to Acquire Simplebet


DraftKings is reportedly in talks to acquire Simplebet, a leading provider of microbetting platforms across major sports markets including MLB, NFL, NBA, college basketball, and football. The potential acquisition signifies DraftKings' ongoing efforts to strengthen its position as one of the top sports betting platforms.


Simplebet gained attention in March with the launch of an innovative NHL in-play microbetting feature in partnership with Caesars Sportsbook. The company has established key partnerships with major US sports betting platforms such as bet365 and Hard Rock Bet.


According to reports from the Earnings+More newsletter, DraftKings is close to finalising a deal to acquire Simplebet for an estimated amount between $120 and $170 million. This valuation is lower than Simplebet's $210 million valuation during its 2021 Series C funding round.


DraftKings currently holds a 15% stake in Simplebet following a previous partnership agreement. The potential acquisition would see DraftKings acquiring the remaining shares of the company.

Simplebet's platform has experienced significant growth, with wagering volume and overall handle doubling since the start of the current MLB season. Over the span of April to mid-May, the company processed over 7 million bets, indicating a surge in user engagement.


DraftKings' interest in Simplebet aligns with the growing demand for in-play betting opportunities and micro markets. If the acquisition goes through, DraftKings is expected to expand its offerings in same-game parlay markets and Progressive Parlay markets.

DraftKings has been actively expanding its presence in the industry since the beginning of 2024. The company's recent quarterly report showed a 50% increase in revenues year-over-year, reaching $1.2 billion in revenues for the first quarter.


In addition to the potential Simplebet acquisition, DraftKings recently acquired Jackpocket, a digital lottery service provider, in a reported $750 million deal. The acquisition positions DraftKings to offer users access to state and national lottery games through its proprietary app.


Sports IQ, known for its use of artificial intelligence in creating odds for the US legal sports betting industry, has also joined DraftKings' portfolio. The synergy between Sports IQ and Simplebet suggests promising prospects for DraftKings in the realm of in-game betting and microbetting markets as it continues to expand its presence in the sports betting landscape.

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