DraftKings Completes $750M Acquisition of Jackpocket
DraftKings has officially completed its acquisition of Jackpocket in a deal valued at $750 million.
The acquisition, initially announced in February, aims to enhance DraftKings’ product offerings and customer acquisition strategies.
Strategic Benefits
Jason Robins, CEO and co-founder of DraftKings, highlighted the strategic advantages of the acquisition: “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.”
Peter Sullivan, CEO of Jackpocket, expressed optimism about the synergies between the two companies: “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.”
Market Impact
The integration of Jackpocket into DraftKings is expected to bolster DraftKings’ position in the digital lottery market, driving growth and innovation. This acquisition aligns with DraftKings’ broader strategy to diversify its product offerings and leverage cross-selling opportunities to enhance customer engagement and acquisition.
In addition to the acquisition news, DraftKings recently reported a 53% increase in Q1 revenue, reflecting its robust growth trajectory and the potential benefits of integrating new assets like Jackpocket into its ecosystem.
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