Simplebet raises $15m for new service in latest financing round
Simplebet has secured $15m in its latest round of financing, taking its total raised to $50m.
Investors in the latest round of financing include former MGM Resorts International CEO Jim Murren and NFL team executive Joe Banner. The sports betting supplier will now look to roll out Scripts, an extension of its existing micro-betting service, to multiple retailers.
Simplebet first launched its in-play software on FanDuel for the 2020 NFL season, leveraging its free-to-play PlayAction as both an ancillary vertical and consumer entry point.
CEO Chris Bevilacqua says the product saw over 100,000 users place over 8 million free bets during the course of the NFL season.
The Athens-based sportsbook operator, Intralot, has also integrated the software into its US platforms in Washington DC and Montana.
In the two regions, the company saw close to one quarter of all its in-play bets placed in January done so through the Simplebet platform.
“Once the investment community saw those results, we started to get a lot of interest,” Bevilacqua said. “We wanted to capitalise the company in the long term and use that investment into our engineering and product.”
The Simplebet Scripts software has also been utilised for real-time betting data on the Major League Baseball Rally app, and the NBA InPlay product from FanDuel.
“You’re going to start to see the product rolling out in a lot more markets and a lot more jurisdictions, and not just on the real money betting side,” Bevilacqua said. “We’re in conversations with a bunch of media companies who are looking at the fan engagement aspect.”
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