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The Earnings+More newsletter claims that DraftKings is close to acquiring microbetting site Simplebet in a deal potentially worth between $120 million and $170 million.
DraftKings already has a 15% stake in Simplebet, which also has partnerships with several other operators including Caesars, Bet365, and Hard Rock Bet.
From SBC:
It is thought that the financials of the deal could be complicated by the fact that the sale price is likely to be below the $210 million achieved by the company following a $28.6 million Series C funding round that was completed in 2021.
Simplebet reported this week 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 took more than seven million bets from the start of April until the midpoint of May, more than double the number recorded across the same period last year.
The company’s handle has also increased by more than 120% year-over-year in the last month and a half, fueled by a similar jump of 115% in unique users compared to a year ago. The company credited those increases to a bigger demand for in-play betting and micro markets.
As noted by gambling industry analyst Alfonso Straffon, Earnings+More had already reported something nearly identical back in May.
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