Santa Barbara lottery app sold for $750M | Laptop News

Santa Barbara-based Jackpocket, a lottery courier software company, has reached an agreement to be purchased by DraftKings, one of the largest digital sports entertainment apps in the country, for approximately $750 million.

Announced Feb. 15, 55% of the deal will be paid in cash with no capital raise required with the other 45% being payable in the company’s Class A common stock, DraftKings said in a press release.

The deal will enable the sports book to “access and grow into the massive U.S. lottery industry,” but also “strengthen its position in Sportsbook and iGaming through higher customer lifetime value.”

“We are very excited to enter the rapidly growing U.S. digital lottery vertical with our acquisition of Jackpocket,” Jason Robins, co-founder and CEO of DraftKings, said in a press release.

“This transaction will create significant value for DraftKings not only by giving our customers another differentiated product to enjoy but also by improving our overall marketing efficiency similar to how our daily fantasy sports database created an advantage for DraftKings in OSB and iGaming.”

Jackpocket was founded in 2013 by CEO Peter Sullivan in New York. In 2021, Sullivan opened the company’s second headquarters in Santa Barbara and has made his intentions clear on not just bringing more tech jobs to the area but wanting to bring more recognition to the area.

As a result, he launched Silicon Riviera in 2022, a group aimed at brining more attention to the technology created and perfected in the Santa Barbara area.

“Together with DraftKings, we…

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