DraftKings Profit Misses, Buys Lottery App for $750 Million (1)

DraftKings Inc. reported fourth-quarter sales and profit that missed analysts’ projections and announced it would buy the lottery app Jackpocket for $750 million in cash and stock.

The Boston-based sports-betting giant said Thursday that fourth-quarter sales grew to $1.23 billion, missing the $1.24 billion average of analysts’ estimates. Earnings before interest, taxes, depreciation and amortization were $151 million, short of analysts’ forecasts for $177.1 million.

Monthly unique players rose to 3.5 million, beating estimates of 3.4 million.

WATCH: DraftKings CEO Jason Robins discusses the company’s earnings and the planned acquisition of lottery app Jackpocket.

Source: Bloomberg

The Jackpocket acquisition is expected to produce as much as $260 million in revenue and $60 million to $100 million in adjusted ...