DraftKings Inc. (NYSE: DKNG) has reached a deal to acquire Jackpocket, a third-party lottery app that can be used to play D.C. Lottery games, for $750 million in cash and stock.
Gambling and fantasy sports giant DraftKings said it would fund the deal with $412.5 million in cash and $337.5 million in stock.
Boston-based DraftKings said the acquisition will allow it to grow into the massive U.S. lottery industry, which is a bigger market than sports gambling. The company also said the deal will strengthen its position in sportsbook and fantasy by bringing more customers to those services.
Along with D.C., New York City-based Jackpocket allows customers to play state lottery games on their phones in Arizona, Arkansas, Colorado, Idaho, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oregon, Puerto Rico, Texas and West Virginia.
