Boston-based DraftKings has agreed to acquire micro-betting technology provider, Simplebet, to boost its live-betting offerings and AI capacity.
DraftKings Buffs Up Its Game
In-game betting has become big business and DraftKings will now have a technological edge over all its competitors once the Simplebet technology is fully integrated into DK’s platform. Artificial intelligence will play a significant role in delivering lightning-fast betting options and sharp odds on all offerings.
DraftKings’ chief product officer Corey Gottlieb issued a press release, saying, “Live betting represents an area for potential growth for online sports betting, and the proposed acquisition would allow DraftKings to leverage Simplebet’s proprietary technology to create an in-play wagering experience that moves at the speed of sports. And while we continue to elevate our product offering in this space, we are also committed to building technology that supports our robust consumer protection standards.”
Many online sportsbooks offering live betting, experience hiccups in delivering the various betting options promptly, and sometimes those in-game props are not posted. Simplebet’s integration of AI technology has proven to provide a more seamless in-game betting experience.
“Joining forces with our long-term collaborators at DraftKings will further the Simplebet mission to make every sports moment matter,” Chris Bevilacqua, Simplebet co-founder and CEO said in the press release. “This transformative acquisition, upon completion, will marry our best-in-class AI and machine learning technology with the DraftKings product offering, enhancing the customer experience for a new era of real-time, in-play gaming.”
An Emerging Frontier
Separating itself from the pack is essentially what every sportsbook is trying to do. With this purchase, DraftKings will undoubtedly enjoy a competitive advantage in the micro-betting realm once Simpletbet’s technology is up and running within DraftKings’ platform.
Before this acquisition, Simplebet’s technology was used by DraftKings, Caesars, bet365, and Hard Rock Bet. But now it will be exclusive to DraftKings leaving the other books scrambling for a new micro-betting provider. It couldn’t come at a better time for DraftKings with the football season looming and the micro-betting market growing by leaps and bounds.
In June, Simplebet announced it had provided 86 unique in-game offerings for the 2024 NBA playoffs. The live-game betting offerings ran the gamut from predicting the next shot by a chosen player to what type of basket will be next and by which team.
The company also stated that 13 million bets were placed during the 2023-2024 NBA season, which was a staggering 75% increase from the previous season.
“It’s logical that in-play betting has contributed to an enhanced viewing experience,” Simplebet CEO Chris Bevilacqua said. “The significant growth we’ve seen underscores the demand for our micro-betting products, and we look forward to continuing to deepen the in-play experience for NBA fans everywhere,” he added.
