DraftKings To Buy In-Game Betting Firm Simplebet; Terms Not Disclosed

(RTTNews) - Online betting company DraftKings Inc. announced its agreement to buy in-game betting firm Simplebet Inc. The financial terms of the deal were not disclosed.

Following the purchase, the company, which is looking to bolster its in-game betting technology, plans to integrate the Simplebet models into its systems.

According to DraftKings' chief product officer rey Gottlieb, the company intends to use Simplebet's proprietary technology to create an in-play wagering experience that moves at the speed of sports.

Simplebet provides in-game wager-pricing information to gaming companies for various games. It is a B2B product development company using machine learning and automation to make every moment of every sporting event a betting.

Further, Simplebet co-founder and CEO Chris Bevilacqua stated that the deal would marry its best-in-class AI and machine-learning technology with the DraftKings product offering, enhancing the customer experience for a new era of real-time, in-play gaming.

On the Nasdaq, DraftKings shares lost 2.8 percent on Wednesday's regular trading to close at $34.35. In the extended trading, the shares were losing 0.7 percent further.