DraftKings has completed its acquisition of JackPocket after finalizing a $750 million agreement – with the partnership set to increase revenue.
DraftKings Completes Acquisition Of JackPocket Following $750 Million Agreement
In February 2024, DraftKings confirmed its plan to purchase JackPocket, as DK hope to utilize the lottery app and generate around $350m in additional revenue (per year).
The leading US betting operator will now integrate JackPocket into its everyday activity and combine forces to maintain positive growth.
DraftKings is hoping to enter the US lottery sector, which has become extremely fruitful in recent years and this would then improve customer value.
Jason Robins, Chief Executive and co-founder at DraftKings, believes the new acquisition of JackPocket can help boost the overall product portfolio for each customer.
He said (Via DraftKings): “Today we are announcing the completion of our acquisition of Jackpocket and the commencement of our value creation plan.
“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.”
Senior Analyst at H2 Gambling Capital, Ed Birkin, took a closer look at the deal and described the agreement as a positive acquisition.
He said: (Via H2GC): “On the face of it, I think it could be viewed as a positive acquisition, providing diversification, scope for significant market growth and another customer acquisition channel,” he said at the time.
JackPocket has made its name by creating a format that offers customers various routes to obtaining lottery tickers in several states – currently available in 18 states across North America.
Peter Sullivan, Chief Executive at JackPocket, hopes this new relationship can provide revenue back to the list of businesses.
He said (Via JackPocket): “The completion of the acquisition represents an exciting new chapter. Together, we are confident that we will be even more capable of helping lotteries fulfill 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.”
Check out Instant Withdrawal Casinos for more information on fast and reliable payouts.
