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DraftKings Purchases Sports IQ Analytics

Sean Tomlinson

Last Updated: May 10, 2024 12:32 PM EDT • 1 min 13 sec read.

DraftKings has experienced surging growth, and now, one of our best sports betting apps is using that revenue to invest in its product.

Recently, DraftKings purchased Sports IQ Analytics, a Vancouver-based oddsmaking and player prop provider. Sports IQ is widely respected in the industry for its innovative technology, most notably the company's use of AI and machine learning to build proprietary odds and "create advanced and unique lines across hundreds of betting markets."

The value of the deal and agreement was not disclosed, but it signals an aggressive move from DraftKings to advance its status as one of the best sportsbooks.

Building the brand

Sports IQ is widely known for being ahead of the curve in every sense with its cutting-edge technology. That includes live-betting markets, and its mathematical models and handicapping methodology offer a unique experience.

It's the ideal fit for DraftKings, and Sports IQ CEO Omer Dor said via LinkedIn that he's excited to join a team with a "desire for winning and being the best that matches our own."

This is already the second major acquisition from DraftKings in 2024 as the company seeks to further solidify itself as one of the leading betting sites. DraftKings also strengthened its casino approach after purchasing Jackpocket for a reported $750 million earlier in the year.

That acquisition improved the sportsbook's position in the mobile casino sector, as Jackpocket is among the leading lottery apps in the United States.

Exploding growth

These acquisitions come off a first quarter when DraftKings thrived.

Most impressively, DraftKings recorded 53% year-over-year growth. Its EBITA (earnings before interest, taxes, and amortization) also swung massively compared to the first quarter of 2023, going from a loss of $221.6 million to a gain of $22.4 million.

A central driver behind that rapid growth is the number of unique players compared to the same period in 2023. That figure increased 23%, and the average player spend went up 25%.

Combined that success with these recent moves, and the company seems well-positioned to keep surging.

Written By:
Sean Tomlinson
Sean Tomlinson has been in the sports media wilderness since 2009, with stops at theScore, Bleacher Report, and now Sportsbook Review. The NFL has been his focus for much of that time, beginning as a features writer at theScore, and then as a national writer at B/R. He has survived Tebowmania in all of its forms, and vividly remembers watching the butt fumble live. Sean now leans on the knowledge gained from past experience in his role as a Publishing Editor and writer here at Sportsbook Review.