The agreement between DraftKings and Sports IQ was recently announced, albeit with few details disclosed publicly.
Sports IQ CEO Omer Dor confirmed the acquisition via a LinkedIn post, but DraftKings has yet to issue any statement regarding the merger.
Sports IQ, headquartered in Vancouver, Canada, specializes in developing software tailored for online sports betting, supporting over 12,000 events annually and offering extensive in-play markets.
With this acquisition, Sports IQ hopes to augment its offerings and reach.
Omer Dor, the CEO of Sports IQ, expressed his excitement about the new phase of the company’s journey.
“I’m excited for this next chapter in the Sports IQ Analytics journey,” Dor remarked.
“In DraftKings, we join a team whose desire for winning and being the best matches our own.”
Dor also highlighted his appreciation for his team at Sports IQ, which he described as a group of intelligent, passionate, and hardworking individuals.
“I feel privileged for the last six years, working alongside the incredible group of people that make the Sports IQ team.
“They are hardworking intelligent and passionate and I’m so excited that we get to bring our skills and energy to DraftKings,” he said.
Dor leads the company with assistance from co-founders including Matthew Belzberg, former chief technology officer at Don Best Sports and now chief information officer at Sports IQ.
Other notable figures include chief data officer Jose Alfaro and Andrew Schwartz, who serves as the chairman of the business.
Reflecting on the support Sports IQ has received over the years, Dor added, “I’m incredibly grateful to the phenomenal investors, advisors, partners and clients who supported our vision and provided guidance and experience in Sports IQ’s journey at every turn.”
Dor concluded by acknowledging his fortunate entrepreneurial journey. “I’d like to believe that every entrepreneur could only wish to be as lucky as I have been.”
In related news, DraftKings recently announced its Q1 results, which saw a significant 52.7% increase in year-on-year revenue, reaching $1.18 billion.
Other financial highlights include a substantial reduction in net loss and a positive shift in adjusted EBITDA, prompting DraftKings to revise its full-year guidance upwards.
The revised revenue expectations are now between $4.80 billion and $5.00 billion.
Moreover, DraftKings has been active in mergers and acquisitions, with the recent $750 million acquisition of the lottery app Jackpocket, expected to generate an additional $340 million annually for the company.
This move underscores DraftKings’ strategic approach to expansion and diversification within the gaming and betting industry.