DraftKings Gets Into Lottery Business With $750 Million Acquisition
DraftKings, the second largest online sports betting company in the US, has announced a deal to purchase Jackpocket, a leading lottery app, for $750 million.
The acquisition will enable DraftKings to access and grow into the lottery industry, but also strengthen its position in sports gaming.
Jackpocket describes itself as the first third-party licensed lottery app in the USA.
“We are very excited to enter the rapidly growing U.S. digital lottery vertical with our acquisition of Jackpocket,” said Jason Robins, co-founder and CEO of DraftKings.
“This transaction will create significant value for DraftKings not only by giving our customers another differentiated product to enjoy but also by improving our overall marketing efficiency similar to how our daily fantasy sports database created an advantage for DraftKings in OSB and iGaming.”
The agreement has been approved by the boards of both DraftKings and Jackpocket.
Alabama Inches Closer to Legalizing Sports Betting
The Alabama House has passed a measure to legalize sports betting in the state. The legislation now heads to the Senate. Past attempts to legalize the activity failed in the House. Gov. Kay Ivey supports the legislation.
42 House Republicans voted yes, and 32 voted no. All 28 Democrats in the House voted yes.
“It’s been 25 years since the people of Alabama have been able to give their voice,” House Speaker Nathaniel Ledbetter, R-Rainsville, said. “Today I think the members worked together and represented their districts to give the people a voice.”
The measure would establish an Alabama Gaming Commission that would license up to seven casinos and include a law enforcement division.
Regardless, it is voters who will decide in November assuming the measure passes in the Senate. Similar voter referendums in California failed. A ballot initiative in the state of Colorado just barely passed.
The legislation is sponsored by Rep. Chris Blackshear, R-Phenix City.
“The last time the citizens in Alabama got to vote on any type of gaming in this state we were all worried about what would happen at the stroke of midnight in the year 2000, that Y2K was going to send us back to the stone age,” Blackshear said.
“I think personally, it’s a great day for the state of Alabama and finally, at least from the House perspective, we heard you loud and clear from the polling and we’re giving the citizens a right to decide what they want in this state when it relates to gaming.”
- Aaron Goldstein, Gambling911.com
