Wagering Firm Taking on More Cash

Simplebet has raised $15 million in its latest financing round as the software company looks to enhance its sports betting products.

Simplebet’s software allows users to wager on quick odds, like which player will make the next catch in football or if the next call is a passing or running play. It’s used by apps like FanDuel.

Simplebet CEO Chris Bevilacqua told media outlets recently investors were attracted to the company after a strong showing around free-to-play games on FanDuel and real money bets on Greece-based gaming company Intralot. The firm will use the funds to roll out Scripts, an extension of its micro-betting service.

Bevilacqua said Scripts would give bettors more options with in-play wagers around live sports.

Simplebet has raised $50 million, and investors in this round include former MGM Resorts International CEO Jim Murren. Former National Football League team executive Joe Banner is also an investor.

"It goes beyond drives and plays but expands into correlated bets," Bevilacqua said. "So you can bet not only on the next play but if the next play will result in a touchdown from a pass on the third play of the drive."

Simplebet unveiled its product on FanDuel for the NFL’s 2020 season, teaching consumers about the micro-betting via its free-to-play model, "PlayAction." Bevilacqua said the software saw over 100,000 unique users place over eight million free-to-play bets during the 2020 NFL season on PlayAction.