DraftKings to Acquire Lottery App Jackpocket for $750 Million

The acquisition marks a significant expansion into the online lottery market, with the deal expected to close in the second half of 2024.

DraftKings announced the acquisition of lottery app Jackpocket for $750 million, aiming to expand into the online lottery market.
The acquisition is expected to close in the second half of 2024, with DraftKings funding the deal with cash and stock.
DraftKings reported a fourth-quarter revenue of $1.23 billion and a net loss of $44.6 million, missing analysts' projections.
The company raised its 2024 revenue and profit guidance, expecting up to $4.9 billion in revenue and adjusted EBITDA of $410 million to $510 million.
DraftKings' customer base grew to 3.5 million average monthly users, with the acquisition of Jackpocket anticipated to attract more valuable customers at a lower cost.