DraftKings could be on the verge of accessing Simplebet, a micro-betting provider.
A lot of sources claim that a deal is close, as also reported in the newsletter of Earning+More. The deal will be worth between $120 million and $170 million.
A 15% stake in Simplebet has already planned by DraftKings. It secured when it collaborated in 2021 with the company. They launched real money micro-betting across the DraftKings Sportsbooks. Like DraftKings, Simplebet has partnerships with a lot of other operators like Caesars, Bet365, and Hard Rock Bet.
The deal’s financials could become complicated because the sale price will likely fall below the $210 million the company previously achieved. This deal follows a $28.6 million Series C funding round completed in 2021.
A few weeks ago, Simplebet reported that both its betting volume and its total handle have more than doubled since the start of the current MLB season. The New York City-based company has taken more than seven million bets from the start of April until the midpoint of May. This is more than double the number recorded across the same period in 2023.
More than 120% year-over-year in the last month and a half has also increased by the company’s handle. It fueled by a similar jump of 115% in unique users compared to the previous year. Those increases have been credited by the company to a bigger demand for in-play betting and micro markets.
The news comes hot on the heels of DraftKings’ addition of odds makers Sports IQ Analytics. Even though specifics have not been made public, sources suggest that the deal was priced between $50 million and $70 million.
The operator has also completed its $750 million earlier this week. Acquisition of Jackpocket, a lottery courier will now begin to combine the products of the company into its operations. DraftKings believes this asset will allow it to tap into the United States lottery vertical while strengthening its customer acquisition capabilities.
