New B2B product development firm Simplebet officially launched
With an aim to make every moment of every sporting event a betting opportunity and help create products for certified leagues with commercial sports betting providers like DraftKings, new B2B product development firm Simplebet has officially announced its launch.
Based in New York, Simplebet claims that its innovative technology offers multiple benefits. For instance, it allows technology platforms and sportsbook operators to provide their existing customers with new betting markets, increase the general lifetime value of customers, and cut down customer acquisition-related costs.
The official launch of the new B2B product development firm has been announced after the firm successfully collected nearly $35 million in funding. In the Series B round of funding, which took place in March this year, the firm raised $11 million.
With the help of machine learning and real-time technology, Simplebet aims to make every sporting event’s every moment a betting prospect. Using these innovative tools, a new sort of betting called “micro markets” is created. In these micro markets, betting enthusiasts can get their results within minutes or even seconds.
Simplebet CEO Chris Bevilacqua said that combination of valuable sports media rights and the sports betting industry through data collection and refinement with the help of machine-learning and automation offered big opportunities in the fast-growing US sports betting market.
Commenting on the new opportunities, Bevilacqua added, “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 US market for sports betting.”
The B2B product developer has already aligned itself with Marquee Sports Network to provide fans with “at-bat-level” stats across the state of Illinois. Launched in February this year, Marquee Sports Network is a regional sports network operated by Sinclair Broadcast and the Chicago Cubs. The first slate of its products is expected to be launched within the coming few weeks.
Founded by industry veterans Chris Bevilacqua, Scott Marshall and Joey Levy in 2018, Simplebet enjoys the backing of a number of high-profile investors. During the fund raising, sports industry leaders like Major League Baseball’s San Francisco Giants, the National Basketball Association’s co-managing partner David Blitzer, the National Hockey League’s New Jersey Devils, and Yahoo President and founding CEO Jeff Mallett made significant contributions to the new business model.