Sports betting is a hot market and today, Simplebet, a new betting product development company that will look to help launch and create products for professional leagues with sports betting providers like DraftKings, officially announced its launch.
Founded by sports industry veterans, Chris Bevilacqua, Joey Levy, and Scott Marshall, Simplebet is a B2B product development company using machine learning and automation to enable every moment (known as micro markets) of every sporting event to become a betting opportunity.
Simplebet’s use of proprietary machine learning and automation has created a new category of in-play betting called Micro-Markets, which are in-game betting markets that are created and resulted in just minutes or seconds, driving fan engagement and sports betting to a new level. To date, Simplebet has raised more than $35 million, closing a series B round of $11 million in March. Simplebet enables existing sportsbook operators and technology platforms to offer new betting markets to their current customers in an effort to attract new customers, reduce customer acquisition costs, and increase the overall lifetime value of customers.
The company has an impressive list of investors from the media and sports industries, including: MLB’s San Francisco Giants Baseball Club, David Blitzer (co-owner & co-managing partner, Philadelphia 76ers, New Jersey Devils & Crystal Palace FC), Jeff Mallett (founding COO & president, Yahoo; principal partner, San Francisco Giants & oo-owner/executive chairman, Vancouver Whitecaps FC), Steve Ellman (former owner/chairman, Phoenix Coyotes) and David Levy, former president of Turner Sports..
The company is set to launch its first slate of products in the coming weeks and is already aligned with the newly launched Chicago-based Regional Sports Network, Marquee Sports Network, to provide at-bat-level statistics for fans in Illinois.
Simpletbet says it is the first company to crack the code of using machine learning and automation to enable in-game betting on “micro markets” whereby new, unique betting markets are created, suspended and resulted, in real time (ie, seconds/minutes). “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,” says Simplebet’s CEO Belivacqua. “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. “
At least one gambling industry veteran has high hopes for Simplebet. “The innovative products that Simplebet is bringing to the sports betting arena are going to be a game changer,” said Sara Slane, Founder of Slane Advisory and former senior vice president of public affairs at the American Gaming Association. “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.”