• Loading stock data...
Thursday, October 10, 2024
The Best Employers in Sports survey is now open! Take the survey

DraftKings Acquires Simplebet After Shedding Other Assets

  • DraftKings is facing two major lawsuits over its recently closed NFT marketplace.
  • The company also sold VSiN back to Musburger Media.
DraftKings
Joe Camporeale-USA TODAY Sports

DraftKings is trying to regain its momentum after a tough summer. 

On Wednesday, the sports gambling giant agreed to acquire Simplebet, a company that specializes in live-event wagers. The deal is supposed to facilitate gambling for customers, and DraftKings said in a statement it will integrate Simplebet’s systems into its own. 

“Live betting represents an area for potential growth for online sports betting, and the proposed acquisition would allow DraftKings to leverage Simplebet’s proprietary technology to create an in-play wagering experience that moves at the speed of sports,” said Corey Gottlieb, DraftKings’ chief product officer. 

Simplebet was founded in 2018 and provides microbetting information on major U.S. sports leagues. The microbetting market is growing in popularity, and DraftKings hopes to improve speed and quality of in-game wagers.

The announcement comes amid a week in which the NFLPA sued DraftKings for breach of contract, alleging the company didn’t follow through on a $65 million deal. DraftKings closed down its NFT marketplace in July “due to recent legal developments.” The prior week, the company sold VSiN, a gambling content channel, back to Musburger Media after buying it for $70 million in 2021. DraftKings is also facing a class action lawsuit  in a Massachusetts court from NFT buyers alleging its NFT marketplace violated securities laws. The judge denied the company’s motion to dismiss the case. 

DraftKings also canceled a gambling surcharge in high-tax states after rival FanDuel said it didn’t plan to do so. FanDuel recently beat analysts’ expectations in its earnings call and has been riding high, while DraftKings sheds assets and combats lawsuits.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Cam Newton Joins First Take, Where His Opinions Should Fit Right in

ESPN has hired the 2015 NFL MVP as a contributor to First Take.
Sep 13, 2024; New York, New York, USA; United States men's national team head coach Mauricio Pochettino poses for a photo with chief executive officer and secretary general JT Batson, sporting director Matt Crocker, president Cindy Parlow Cone, and MLS commissioner Don Garber after a press conference introducing him as the new head coach for the United States men's national team at Warner Bros. Discovery Hudson Center.

U.S. Soccer, Flush With Cash, Lays Off Dozens

The nonprofit federation is expecting nine figures in revenue this fiscal year.
Nike

Nike Has Lost Some Mojo. But Not Its Market Share

Nike is in recovery mode but still enjoys a dominant slice of the market.
podcast thumbnail mobile
Front Office Sports Today

Patriots Hit Rock Bottom; WNBA Finals Begin

0:00

Featured Today

Duante' Abercrombie News Ch.4 interview

Tennessee State’s Ambitious Plan to Launch an HBCU Hockey Program

TSU has big plans, but the university is facing an existential dilemma.
October 8, 2024

Ryan Smith Sees Salt Lake City As Next Vegas-Like Sports Town

Utah Hockey Club’s owner says all the pieces are falling into place.
October 8, 2024

How the WWE’s Farm Circuit Became a Primetime Draw

NXT produces generational talent—and it occupies a new prime-time network slot.
A DraftKings sign
October 7, 2024

A DraftKings Exec Left for Fanatics. Then the Bitter Legal Battle Began

Mike Hermalyn has been sidelined at Fanatics for nine months now.
A Jacksonville Jaguars logo

Imprisoned Ex-Jaguars Employee Sues FanDuel for $250 Million

Amit Patel stole tens of millions of dollars from the NFL team.
May 9, 2024; Columbus, OH, USA; Sports are shown on TVs behind the bar as guests enjoy the grand opening of DraftKings Sports & Social in the Short North. Though there are no on-site betting windows, eligible customers can place bets through the DraftKings app.
September 4, 2024

DraftKings Hit With $19K Fine For Unwinnable Connecticut Slot Game

The slot machine produced no wins in 20,000 turns.
September 16, 2024

MLB Players Union Sues DraftKings, FanDuel

The union says the sites don’t have the rights to use player images.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
August 29, 2024

ESPN Bet Remains Optimistic Heading Into Pivotal Year 2 

ESPN Bet is still lagging behind major competitors in the online sports betting market.
August 28, 2024

NFLPA Sues DraftKings for $65 Million Over NFT Deal

The NFLPA says DraftKings owes roughly $65 million for breaching their contract.
opinion
August 24, 2024

DraftKings and FanDuel Still Can’t Escape Each Other

How U.S. online sports betting became a duopoly.
August 23, 2024

Judge Says Deceptive Advertising Suit Against DraftKings Can Go Forward

Betting $276 daily for three months isn’t a free promotion, users say.