After raising more than $35 million in funding, to date, including a Series B round of $11 million that closed in March, New York-based B2B product development company Simplebet has officially announced its launch. The company looks to help create products for professional leagues with sports betting providers such as DraftKings.
Founded in 2018 by industry veterans Chris Bevilacqua, Joey Levy, and Scott Marshall, Simplebet uses machine learning and real-time technology “to make every moment of every sporting event a betting opportunity.” By making use of those tools, a new category of betting, “micro markets,” are created, with results being produced in just minutes or seconds, according to the source.
“every moment becomes a game within a game.”
The effect of the technology is threefold. It allows existing sportsbook operators and technology platforms to offer their current customers new betting markets in an effort to generate new customers, reduces costs associated with customer acquisition, and raises the overall lifetime value of customers.
Investors in the company feature a who’s who of media and sports industry leaders including Major League Baseball’s (MLB) San Francisco Giants; David Blitzer, a co-owner and co-managing partner of the National Basketball Association’s (NBA) Philadelphia 76ers, the National Hockey League’s (NHL) New Jersey Devils and Crystal Palace FC; Jeff Mallett, the founding Chief Operating Officer and president of Yahoo, the principal partner of the Major League Baseball’s San Francisco Giants and the co-owner and executive chairman of Canadian professional soccer team, Vancouver Whitecaps FC; Steve Ellman, a former owner and chairman of professional ice hockey team, Phoenix Coyotes; and David Levy, a former president of Turner Sports.
Commenting on the opportunity, Chief Executive Officer for Simplebet, Chris Bevilacqua, said…
“Back in 2018, I saw a unique market opportunity approaching with valuable sports media rights colliding with the sports betting industry—especially after PASPA repeal here in U.S.—through data collection and data refinement all powered by machine-learning and automation.
“I saw a gigantic market opportunity to create a fan engagement platform making sports media rights even more valuable, combined with newly created sports betting revenue through sponsorships and interactivity in digital/mobile while also growing the sports betting handle in a nascent U.S. market for sports betting. “
Initial product launch:
In the coming weeks, the NYC-headquartered company will reportedly launch its first slate of products, after having already aligned itself with Marquee Sports Network to provide fans in Illinois with “at-bat-level” stats. Launched on February 22, 2020, the regional sports network is operated by Sinclair Broadcast Group and the Chicago Cubs.
With high hopes for the company, founder of Slane Advisory and a former senior vice president of public affairs at the American Gaming Association (AGA), Sara Slane, who is also a Simplebet investor, reportedly said in the company’s press release…
“The innovative products that Simplebet is bringing to the sports betting arena are going to be a game changer.
“Simplebet is creating the opportunity to accelerate the adoption of sports betting to a broader audience and enhance the way fans consume sports. Micro-market betting will convert casual sports fans to sports bettors while capturing more revenue from existing users.”
According to Simplebet, it is the first company to “crack the code” of using automation and machine learning to enable in-game betting on micro markets.
The company’s website breaks it down nicely…
“In the same way daily fantasy sports introduced instant gratification to season-long fantasy sports, Micro-Markets are introducing instant gratification to sports betting.”
Simplebet’s mission, at a time when the sports betting market is on fire, “is to power the future of fan engagement.”