Daily fantasy sports game company DraftKings announced that it has acquired direct competitor DraftStreet today. Financial terms of the deal were not disclosed.
Both DraftKings and previously IAC-owned DraftStreet allow people to participate in daily fantasy sports competitions where they can win real cash prizes that range in value from pocket change to $1 million. The services offer fantasy competitions that primarily focus on baseball, football, basketball, and hockey.
With daily fantasy sports competition services increasing in popularity (as VentureBeat’s Dean Takahashi previously reported), the acquisition will more than double DraftKings’ total customer base, according to the company.
DraftKings stated that it will begin migrating DraftStreet’s broad range of fantasy sports competitions over to its own service starting today. Likewise, DraftStreet’s service is already offline and pointing to its new owner’s website.
Founded in 2011, the Boston-based DraftKings has raised $35.4 million in funding to date, while New York-based DraftStreet previously took in $3.1 million.
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