Official introduction of new sports betting product developer Simplebet

Simplebet, a B2B product development business located in New York, has made the formal announcement that it has launched after successfully obtaining more than $35 million in investment to far, including $11 million in a Series B round that concluded in March. The startup intends to collaborate with sports betting service providers such as DraftKings in order to develop new products for professional leagues.

Using machine learning and real-time technology, Simplebet was established in 2018 by industry veterans Chris Bevilacqua, Joey Levy, and Scott Marshall. The company's mission is "to make every instant of every athletic event a betting opportunity." According to the source, the usage of these instruments leads in the creation of a new type of betting known as "micro markets," which produces results in a matter of minutes or even seconds.

"every minute is a game within a game," as the saying goes.

The application of the technology has three distinct repercussions. It enables existing sportsbook operators and technology platforms to provide their existing customers with access to new betting markets, with the goal of attracting new customers, lowering the costs associated with customer acquisition, and increasing the overall value that a customer contributes over the course of their lifetime.

Investors in the company:

Investors in the company include some of the most prominent names in the media and sports industries, such as the San Francisco Giants of Major League Baseball (MLB), David Blitzer, a co-owner and co-managing partner of the Philadelphia 76ers of the National Basketball Association (NBA), the New Jersey Devils of the National Hockey League (NHL), and Crystal Palace Football Club, and Jeff Mallett, the founding Chief Operating Officer and president of Yahoo, who is also the principal partner of the San Francisco Giants

Market opportunity:

Chris Bevilacqua, Chief Executive Officer of Simplebet, was asked about the possibility, and he responded by saying...

"Back in 2018, I saw a one-of-a-kind market opportunity approaching with valuable sports media rights colliding with the sports betting industry—especially after PASPA was repealed here in the United States—through data collection and data refinement all powered by machine learning and automation. This market opportunity was approaching with valuable sports media rights colliding with the sports betting industry.

"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," the entrepreneur said. "I saw a gigantic market opportunity to create a fan engagement platform making sports media rights even more valuable."

The first launch of the product:

After having previously tied itself with Marquee Sports Network in order to supply fans in Illinois with "at-bat-level" analytics, the firm with headquarters in New York City is expected to allegedly unveil its first slate of products within the next few weeks. The regional sports network will go live on February 22, 2020, and it will be run by Sinclair Broadcast Group in conjunction with the Chicago Cubs.

Sara Slane, founder of Slane Advisory and a former senior vice president of public affairs at the American Gaming Association (AGA), who is also an investor in Simplebet, reportedly said in the company's press release that she has high hopes for the company and that she is looking forward to seeing it succeed...

"The cutting-edge products that Simplebet is introducing to the world of sports betting are likely to be a real game changer.

"By making it possible for a more diverse group of people to participate in sports betting, Simplebet is broadening the appeal of the activity and making it more appealing to sports fans." Micro-market betting will turn casual sports fans into sports gamblers while simultaneously extracting more income from consumers who are already using the service.

Simplebet claims to be the first firm to "break the code" of leveraging automation and machine learning to enable in-game betting on micro markets. This claim is based on the company's own marketing materials.

The website of the firm does a fantastic job of breaking it down...

"In the same way that daily fantasy sports brought the concept of quick reward to season-long fantasy sports, Micro-Markets are bringing the concept of instant gratification to the world of sports betting."

At a time when the industry for sports betting is exploding, the objective of Simplebet is "to enable the future of fan involvement."