DraftKings Completes Acquisition of Jackpocket
DraftKings Inc. has announced they have completed the acquisition of lottery digital app Jackpocket Inc., a $750 million cash and stock deal that was originally announced in February.
The acquisition means DraftKings is now tapping into the U.S. lottery vertical, expanding its position in the sportsbook and iGaming domains in part by improving customer value, based on demonstrated cross-sell capabilities, and beefing up customer acquisition capabilities.
DraftKings Moves into The Lottery Business
“Today we are announcing the completion of our acquisition of Jackpocket, and the commencement of our value creation plan,” said Jason Robins, CEO and co-founder of DraftKings.
“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.”
Deal Meant to Boost DraftKings Sportsbook and iGaming Domains
DraftKings is now focused on integrating Jackpocket into its operations, working to establish synergies there to drive company growth.
“Together, we are confident that we will be even more capable of helping lotteries fulfill their mission of delivering revenue back to the beneficiaries they support,” said Peter Sullivan, CEO of Jackpocket, in a statement today. “DraftKings’ proven reach and cutting-edge mobile platforms will continue to allow us to drive growth and innovation in the digital lottery vertical.”
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