DraftKings Inc. announced the completion of its previously announced proposed acquisition of Jackpocket Inc., the leading digital lottery app in the US.

“Today we are announcing the completion of our acquisition of Jackpocket, and the commencement of our value creation plan. We are well-prepared to quickly launch cross-sell programs, further improve customer acquisition efficiency, and continue to innovate and differentiate with our overall product portfolio for our customers. We look forward to continuing to deliver enhanced value to our customers and shareholders as we integrate Jackpocket into the DraftKings ecosystem,” Jason Robins, CEO and Co-founder of DraftKings, said.

Jackpocket is renowned for its innovative digital lottery services, robust technology infrastructure, and strong brand presence. This acquisition empowers DraftKings to tap into the expansive U.S. lottery vertical, while expanding its position in sportsbook and iGaming by enhancing customer lifetime value and bolstering customer acquisition capabilities.

“The completion of the acquisition represents an exciting new chapter for Jackpocket and DraftKings alike. Together, we are confident that we will be even more capable of helping lotteries fulfill their mission of delivering revenue back to the beneficiaries they support. DraftKings’ proven reach and cutting-edge mobile platforms will continue to allow us to drive growth and innovation in the digital lottery vertical,” Peter Sullivan, CEO of Jackpocket, said.

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Four exclusive games carrying operator’s distinctive branding go live with New Jersey online casino

White Hat Studios, the ‘house of brands’ provider to the United States iGaming market, has strengthened its relationship with Jackpocket by introducing four new branded games tailored for the operator’s newly-launched online casino in New Jersey.

The deepened collaboration has yielded three captivating RNG table games with White Hat Studios adapting its hugely popular American Roulette, Blackjack and Blackjack Player’s Choice titles alongside a newly-created Megaways slot title, which have all been crafted to embody Jackpocket’s unique brand identity.

Players of Jackpocket Casino can now immerse themselves in captivating gameplay experiences that are unavailable anywhere else, providing the online casino with a differentiated content offering and a competitive edge in attracting and retaining players.

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The move highlights White Hat Studios’ bespoke content capabilities and its commitment to providing operators with unparalleled games that spark increased engagement and responsible entertainment.

Supplying these latest titles comes just weeks after White Hat Gaming PAM and its acclaimed White Hat Studios content played a significant role in powering the launch of the new Jackpocket Casino, demonstrating the continued importance of both organizations across the United States.

“We’re thrilled to have taken our relationship with Jackpocket to the next level by delivering exclusively branded games to the online casino,” the Gaming Vice-President for White Hat Studios, Armen Tatarevic, said. “We worked closely with the team to ensure these games captured the energy and identity of Jackpocket, ensuring existing players would instantly resonate with the unique experiences on offer. We are especially excited about Jackpocket’s version of Blackjack Players Choice, the only blackjack available with six different side bets, that is proven to be a player favourite. Our continued dedication to providing bespoke gameplay for our valued operator partners proves that we remain the provider of choice for United States online casinos.”

“We’re excited to unveil these new and exclusive branded games on Jackpocket Casino, made possible through our valued partnership with White Hat Studios,” the Chief Executive Officer for Jackpocket, Peter Sullivan, said. “Our collaboration with White Hat Studios underscores a shared commitment to delivering innovative casino and iGaming experiences that excite and engage our players. Jackpocket Casino users are going to love our unique versions of American Roulette, Blackjack, Blackjack Players Choice and Megaways titles that they can’t get anywhere else.”

DraftKings Inc. announced that Jason Park, DraftKings’ Chief Financial Officer, will become the Company’s Chief Transformation Officer, effective as of May 1, 2024. In this newly created role, Mr. Park will lead initiatives to deploy cutting edge technologies to capture additional operating efficiencies as well as oversee the integration of the proposed acquisition of Jackpocket Inc. (Jackpocket). Alan Ellingson, DraftKings’ Senior Vice President, Finance and Analytics, will be elevated to Chief Financial Officer, effective as of May 1, 2024. Mr. Ellingson will continue to enhance shareholder value over time by driving the Company toward its financial objectives.

Jason Robins, Chief Executive Officer and Co-Founder of DraftKings, said: “I have asked Jason Park to take on a new role at DraftKings to address and capture large efficiency opportunities that I expect will generate significant incremental profitability over the coming years. Jason’s unique skill set, based on his accomplishments over the last five years as our Chief Financial Officer and 11 years as a private equity Operating Partner, will allow us to further improve how we operate. In addition, I’m confident he will unlock the benefits of our proposed acquisition of Jackpocket following its closing to strengthen DraftKings’ position in U.S. online gaming. There are also potentially transformational AI applications on the horizon that could change the way businesses operate and serve their customers to create potential long-term advantages.”

Mr. Park joined DraftKings as Chief Financial Officer in June 2019 and oversaw the Company’s transition to the public markets. During his tenure as Chief Financial Officer, DraftKings’ revenue grew from $323 million in 2019 to $3,665 million in 2023. The Company also produced positive Adjusted EBITDA in the second and fourth quarters of 2023 due in part to Mr. Park’s leadership of operational efficiency programs. In addition, from the Company’s initial trading day on July 25, 2019, through March 15, 2024, the Company’s stock price increased more than 325%.

Jason Park said: “I am thrilled to take on this new role which tackles several significant opportunities to improve how we operate and taps into my passion for building great and highly efficient companies. Alan is perfectly suited to seamlessly step into the Chief Financial Officer role as an established company leader with deep credibility across the entire organization. I look forward to assisting with this transition and continuing to deliver value for our shareholders. We will provide more information on the transformation program during our next earnings call.”

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Alan Ellingson joined DraftKings in 2020 and currently serves as the Company’s Senior Vice President, Finance and Analytics. For the past four years, Mr. Ellingson has worked closely with Mr. Park to develop a world-class finance and accounting organization, which includes building the forecasting capabilities that support the creation, tracking and ongoing refresh of the Company’s multi-year financial objectives.

Jason Robins added: “I am very excited to elevate Alan Ellingson to Chief Financial Officer and have him continue to lead the Company on the very clear path that we have laid out. Alan has been with DraftKings for more than four years, has extensive experience across our finance and analytics teams, and most importantly, deeply understands our core value drivers and focus on maximizing shareholder value.”

Alan Ellingson, incoming Chief Financial Officer, said: “We have built a world class finance organization, and I look forward to expanding my leadership role with the team. In addition, I look forward to working closely with Jason Robins to deliver outstanding financial performance and generate incredible shareholder returns.”