Draftkings Inc (NASDAQ:DKNG) announced Monday it has acquired BlueRibbon Software Ltd., a Tel Aviv-based jackpot and iGaming company.
What Happened: BlueRibbon’s technology will be integrated into DraftKing’s products, allowing the company to offer additional features such as jackpots, promotions and rewards that can be individually tailored to its customers. BlueRibbon’s jackpot technology can be applied to any vertical, game or content for customers to play jackpots as an additional feature to other games.
“Integrating BlueRibbon’s proprietary, proven technology will enable DraftKings to create dynamic incentives for our users as they engage with our products,” said Paul Liberman, DraftKings co-founder and president, Global Technology and Product.
Why It Matters: DraftKings currently has the largest presence in the U.S. with its products available in 14 states. Continuing to increase product offerings may help DraftKings keep ahead of the competition.
“We created BlueRibbon to give companies the ability to differentiate themselves within the highly competitive sports betting and iGaming industries with unique and innovative marketing platform,” said Amir Askarov, CEO of BlueRibbon.
What’s Next: DraftKings plans to fully incorporate Blue Ribbon’s current business, keeping its current leadership team and employee base. DraftKings also plans to increase hiring at the Tel-Aviv office.
DKNG Price Action: Shares of DraftKings are up Monday morning by 0.56% at $63.23.
(Photo: DraftKings)