Sports betting startup Simplebet has completed a $15m financing round, bringing total funding of the company to $50m.
Participating in the round was global games powerhouse Aristocrat, the leading venture capital firm Florida Funders; Jim Murren, the former chairman and chief executive of MGM Resorts International, and Joe Banner, the former Philadelphia Eagles president, among others.
The funding will enable Simplebet to debut its newest innovation, Scripts, a new category of micro-betting that allows users to script in-game micro-occurrences that may be correlated.
During National Football League games, for example, users will not just be able to bet that the next drive will result in a touchdown, but in addition, predict that it will result in a touchdown in fewer than three plays off a completed pass.
Likewise, for Major League Baseball, users can predict that a plate appearance will result in a home run off the fourth pitch of the at-bat.
“Simplebet stands out as a true innovator and driving force behind micro-betting, what we believe to be the future of the industry, and this infusion of capital will further accelerate our efforts to re-define the intersection of sports, gambling, media and technology,” said Chris Bevilacqua, Simplebet's co-founder and chief executive.
“The user engagement rates on our products over the past year prove that we offer not only an unmatched experience for fans, but also for our partners who are looking for ways to drive incremental revenue as well as user engagement and longer watch times over the entirety of sporting events," Bevilacqua said.Simplebet recently continued its expansion by securing an agreement for its micro-betting offering to be made available for National Basketball Association games via FanDuel’s revamped NBA InPlay product.
That deal came just a few weeks after Simplebet secured a multiyear agreement with MLB to become an official odds provider for its free-to-play Rally app beginning with the 2021 season.