Simplebet Raises $15 million of Capital for Sports Betting Software
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It was announced by Simplebet that its latest round of financing went extremely well, with the company raising $15 million in capital. This will be a massive boost to the companies ability to expand its product and brings the total capital raised to $50 million.
What is Simplebet?
Simplebet is a betting software company that is not as well known throughout the industry as some of the more prominent platforms and bigger software companies. However, Simplebet specializes in real-time prop-bets, or as Simplebet calls them, “micro-bets.” These will be things like betting on who the next player will be to record a catch in an NFL game or hit a home run in a baseball game.
Currently, FanDuel has tried out this form of betting with Simplebet on its mobile apps for the 2020 NFL season. Simplebet and FanDuel wanted to slowly introduce the product, so, therefore, the first unveiling had a free-to-play style of betting. This was called “PlayAction.” According to an interview conducted by CNBC, the total amount of unique bettors reached 100,000 with over $8 million free-to-play bets placed.
The next platform that tried out Simplebet was Intralot, which currently runs a significant portion of the sports betting market for Montana and Washing D.C. According to the same interview, 25% of all bettors who played on the app during the NFL playoffs and Super Bowl tried out Simplebet’s technology by playing those real-time micro-bets.
What are the Next Steps for Simplebet
First of all, the capital raised will help Simplebet expand its platform and offer more of these micro-bets for more markets and more sports. This is key as the appeal of micro-bets for many will be the options. The more pop-ups and choices you get to wager, the more wagers the company and sportsbooks will bring in.
The United States’ betting market is exploding. Michigan and Virginia both launched online sports betting in the early months of 2021, with New York, Massachusetts, Georgia, Ohio, Florida, Missouri, and more looking to legalize online sports betting in 2021.
As more markets emerge, it becomes more important that Simplebet’s technology and style of betting be approved by the regulators. Micro-bets might be something that some regulators or legislators attempt to prohibit as they worry there is not enough information or the style of betting is too risky.
Simplebet & FanDuel
After using the free-to-play “PlayAction” to test out the technology, FanDuel and Simplebet would like to expand the number of sports and the number of markets that micro-betting reaches.
FanDuel has recently relaunched its specific NBA InPlay betting with Simplebet’s micro-bet product, and this will hopefully start to really showcase how lucrative the product can be. The MLB, NHL, but most importantly NFL, will all be vital to Simplebet’s success.
This 2021 NFL season will be massive for Simplebet to see just how enticing their product really is for bettors and sportsbooks. If the micro-betting flops during the most lucrative months for American sports wagering, then Simplebet may have a hard time getting more investments or sportsbooks to buy-in on the product.
