Press Release

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

February 15, 2024

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.

About Cooley LLP

Clients partner with Cooley on transformative deals, complex IP and regulatory matters, and high-stakes litigation, where innovation meets the law.

Cooley has more than 1,300 lawyers across 19 offices in the United States, Asia and Europe, and a total workforce of nearly 3,000.

This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as “Cooley”). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. This content may be considered Attorney Advertising and is subject to our legal notices.