DraftKings, a digital sports entertainment and gaming company, has reached an agreement to acquire Jackpocket, the first licensed third-party lottery app in the United States, in an approximately $750 million cash and stock transaction.
The proposed transaction will enable DraftKings to access and grow into the U.S. lottery industry and strengthen its position in Sportsbook and iGaming through higher customer lifetime value and an enhanced customer acquisition engine.
The S&C team advising DraftKings includes Scott Miller, Lee Parnes, Andrew Ferry and Bailie Mittman. Mehdi Ansari and Philippe Schiff are advising on intellectual property matters. Isaac Wheeler and Devin Risinger are advising on tax matters. Jeannette Bander and Joyce Lee are advising on executive compensation matters.