Simplebet will provide new live betting options for PointsBet users looking to gamble on micro-moments like the next MLB at-bat or the next NFL snap. It’s the startup’s second deal with a U.S. sports book, following a recent partnership with FanDuel.
Though terms of the deal weren’t announced, Simplebet will receive an undisclosed percentage of the net gaming revenue from the new markets it supplies. It’s a low-risk move for PointsBet and an incentive-laden one for Simplebet—the better and more popular its product is, the more money the company will see from the partnership.
“PointsBet shares our vision of accelerating the adoption of sports betting to the mass market of casual fans,” said Chris Bevilacqua, a media consultant and one of Simplebet’s three co-founders. “With our product it will be through micro-markets, which we believe represent the future of fan engagement and at-home experiences for sports fans.”
Simplebet is hoping to fully automate the bookmaking process for live sports betting, letting books offer instantaneous odds on events that settle in a matter of minutes or even seconds. The company’s algorithm can create odds, suspend them, readjust them and settle wagers, all without human input.
The deal covers MLB, NFL and NBA games, and should dramatically increase the betting options at PointsBet, a company that already advertises one of the widest selection of markets in the U.S.
Headquartered in Melbourne, Australia, PointsBet launched in the U.S. in 2019 and now operates in four states. A relative newcomer to the country, the company has committed hundreds of millions over the past few months to secure partnerships that will grow its customer base and name awareness nationwide. Those deals include a wide-ranging partnership with NBC Sports that could eventually be worth nearly $500 million and a tie-up with the University of Colorado athletic department.
Founded in 2018, Simplebet has raised $35 million to date from investors that include Agassi, Blitzer and former Starbucks chairman Howard Schultz. The group also provides services to media companies, including Marquee Sports Network, the new TV home of the Chicago Cubs.
(This story has updated the headline and removed sport-specific business projections in the sixth paragraph.)