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DraftKings acquires Jackpocket in a $750M deal
On May 23rd DraftKings completed the $750 million acquisition of lottery courier Jackpocket.
The company stated that this transaction will strengthen its capacity to acquire new customers. The operator of DFS, sports betting, and iGaming stated that its current priorities include applying synergies to generate value and incorporating the firm into its operations. Increasing DraftKings’ online gaming market share through cross-selling and improved client acquisition capabilities was the strategic reasoning for the acquisition.
DraftKings CEO Jason Robins said:
“Today we are announcing the completion of our acquisition of Jackpocket, and the commencement of our value creation plan.We are well-prepared to quickly launch cross-sell programs, further improve customer acquisition efficiency, and continue to innovate and differentiate with our overall product portfolio for our customers. “We look forward to continuing to deliver enhanced value to our customers and shareholders as we integrate Jackpocket into the DraftKings ecosystem.”
Being a lottery courier service between consumers and retail locations, Jackpocket is one of the biggest lottery apps in the United States.
Jackpocket CEO Peter Sullivan added:
“The completion of the acquisition represents an exciting new chapter for Jackpocket and DraftKings alike. Together, we are confident that we will be even more capable of helping lotteries fulfil their mission of delivering revenue back to the beneficiaries they support. “DraftKings’ proven reach and cutting-edge mobile platforms will continue to allow us to drive growth and innovation in the digital lottery vertical.”
This acquisition is probably the biggest sports betting-related deal in the US this year. Earlier this month, DraftKings also acquired Sports IQ, an AI-powered odds supplier.
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