DraftKings Inc, is the leader of global iGaming and sports betting operations. Jackpocket, the leading lottery operator in the United States, has reached an acquisition agreement for approximately $750 million.
The agreement states that 55% of the consideration will be paid in cash, according to reports. This includes the remaining 45% payable in DraftKing’s first-class common stock. The press reported that the sports betting giant did not need to raise capital for the purchase price consideration. Jackpocket will grant permission to DraftKings to use its resources. This will help them expand in the US sports betting and iGaming market. This is under the terms of the agreement. US Jackpocket will invest its proprietary technology, a strong brand, and an outstanding team.
The company’s founder leads the new venture, which will attract a larger customer pool. This is as the leading provider of digital lottery services.Jason Robins is the co-founder and CEO of DraftKings. He said that they are very excited to enter the rapidly growing US digital lottery vertical with their acquisition of Jackpocket. This transaction will create significant value for DraftKings not only by giving their customers another differentiated product to enjoy but also by improving their overall marketing efficiency similar to how their daily fantasy sports database created an advantage for
DraftKings in OSB and iGaming.On the other hand, Peter Sullivan, the CEO of Jackpocket also added a statement. He said that together with DraftKings, they will be able to bring tremendous value to their customer base as they advance their mission to create a more convenient, fun, and repsonsible way to tkae part in the lottery. DraftKing’s broad footprint and exceptional mobile products present an opportunity to meaningfully expand the digital lottery vertical, and they cannot be more excited to come together with DraftKings.
