Simplebet, a US-based developer of software that helps establish betting markets for sporting events, has confirmed it has raised a total of more than $35m from investors including baseball franchise the San Francisco Giants.
The Giants were joined by a range of individual investors. Regulatory filings indicate the startup secured $8m in debt financing in January 2019, $15m in equity funding six months later, another $8.5m in equity financing in January this year and $11.2m in series B funding in March.
Founded in 2018, Simplebet has created software that makes use of machine learning and automation technology to facilitate ‘Micro-Markets’ in real time during games, allowing bets to be placed on in-game events that will generate results in seconds or minutes.
Chris Bevilacqua, co-founder and chairman of Simplebet, said: “In-play betting – and more specifically, Micro-Markets, which are bets tied to discrete moments in sporting events – are the way of the future.
“This new category of in-play betting following our heavy investment in the requisite automation and machine learning technology sets Simplebet and our future partners up for success and growth.”
