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DraftKings Purchases Sports IQ Analytics

Kelly Irvin

Updated on May 10, 2024 at 12:32 PM EDT • Read time: 1 min 13 sec. Find more information on Twitter and Google News.

DraftKings has seen a significant increase in growth, and as a result, one of our top sports betting apps is leveraging that revenue to improve its product.

DraftKings recently acquired Sports IQ Analytics, a Vancouver company known for its cutting-edge technology, including the use of AI and machine learning to develop exclusive odds and specialized betting lines across various markets.

The undisclosed value of the deal and agreement suggests DraftKings is making a bold move to solidify its position as a top sportsbook.

Building the brand

Sports IQ is renowned for its innovative technology that sets it apart from the competition. Its live-betting markets, mathematical models, and handicapping methodology provide a one-of-a-kind experience that keeps it ahead of the curve.

DraftKings is the perfect match for Sports IQ, as stated by CEO Omer Dor on LinkedIn. He expressed his excitement to be part of a team that shares their desire for success and excellence.

In 2024, DraftKings has made its second significant acquisition in an effort to establish itself as a top betting site. The company also expanded its casino strategy by acquiring Jackpocket for a reported $750 million earlier in the year.

The acquisition strengthened the sportsbook’s presence in the mobile casino industry, as Jackpocket is one of the top lottery apps in the United States.

Exploding growth

DraftKings thrived in the first quarter, leading to these acquisitions.

DraftKings showed an impressive 53% year-over-year growth and a significant swing in EBITA, going from a loss of $221.6 million to a gain of $22.4 million compared to the first quarter of 2023.

The rapid growth is primarily driven by the increase in the number of unique players, which rose by 23% compared to the same period in 2023. Additionally, the average player spending also increased by 25%.

With the success of these recent moves, the company appears to be in a strong position to continue its growth.

Written By:
Kelly Irvin
Kelly Irvin has been in the sports media wilderness since 2009, and he joined Underscoreg Review in 2021. His work has been referenced in The New York Times and Forbes. He’s also made appearances on The Fan 590 and TSN 1050. Sean is a regular bettor who places bets daily while using a handful of books. Most frequently, he uses FanDuel and bet365 due to the quality experience on those apps. While he’ll often take an analytical approach, Sean enjoys the fun, recreational side of betting too, and embraces alternative markets on events like the Westminster Dog Show or Eurovision, or the many novelty props tied annually to the Super Bowl, for example. Beyond sports, Sean is also interested in the betting markets tied to politics, and especially those connected to American elections. He sees betting as a way to explore and engage in a deeper way, and takes that same view to his work. He plays poker periodically too, and is an avid fantasy sports player. Sean also previously spent time with Bleacher Report and theScore, all after earning his media studies degree from the University of Guelph-Humber.