Jackpocket Reaches Agreement to Be Acquired by DraftKings for $750 Million

New York – February 15, 2024 – Cooley advised Jackpocket, the first licensed third-party lottery courier app in the US, on its definitive agreement to be acquired by DraftKings (Nasdaq: DKNG) for $750 million . Partners Kevin Cooper and Jeff Laretto led the Cooley team advising Jackpocket.

Under the terms of the agreement, Jackpocket stockholders will receive a total consideration of approximately $750 million on a fully diluted basis, consisting of approximately $412.5 million in cash, subject to certain customary purchase price adjustments, and approximately $337.5 million in DraftKings’ Class A common stock, subject to a collar mechanism. The proposed transaction is subject to approval by Jackpocket stockholders, along with receipt of required regulatory approvals and other customary closing conditions, and is expected to close before the end of 2024.

Cooley previously advised Jackpocket on a number of significant transactions – including its Series B in October 2018, Series C in February 2021 and Series D in November 2021.

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