AI start-up Simplebet to provide FanDuel with F2P in-play markets
Fledgling B2B supplier has raised $35m to date to fund its micro-market betting solution powered by machine learning
Simplebet.io, one of the US sports betting scene’s most prominent start-ups, has struck a deal with FanDuel to launch a free-to-play game offering mock in-play markets for the upcoming NFL season.
According to CNBC, the one-year agreement will see the game integrated into Flutter Entertainment-owned FanDuel’s sportsbook and mobile app in a bid to convert players into bettors in states where online wagering is legal.
Founded in 2017, New York-based Simplebet pledges to “make every moment a betting opportunity” by using AI and automation to provide odds on a wide array of in-play micro-markets for NFL, NBA and MBL.
For instance, users can bet before every pitch as to whether New York Yankees’ Aaron Judge will hit a single, double, triple, a homerun or be struck out.
Simplebet, which placed 17th on LinkedIn’s Top 50 Startups of 2019, has so far raised $35m of investment, including $11m in a Series B round earlier this year, although it is yet to announce any commercial deals for its real-money product.
“It hasn’t been done before because no one ever made the investment in machine learning and automation that’s required to enable this type of betting,” co-founder and CEO Chris Bevilacqua told CNBC.
“These are all micro-betting opportunities that are very engagement driven,” he added.
Bevilacqua and his co-founders, Joey Levy and Scott Marshall, have managed to bring on board a slew of high-profile investors, including owners of sports franchises, ex-chairman of Starbucks Howard Shultz and eight-time Grand Slam tennis champion Andre Agassi.
Investment firm Morgan Stanley anticipates the US sports betting market will generate nearly $7bn in GGR by 2025.