Simplebet: Navigate COVID and promote fan involvement

In this exclusive comment, Simplebet CEO / co-founder Chris Bevilacqua and Simplebet co-founder Joey Levy talk about survival and progress, navigating COVID-19, and driving a new paradigm of fan engagement. ..

March 26 The first product of the year was scheduled to go on sale on the opening day of MLB, about two years after Simplebet was founded. Since 24 months ago, we have been constantly working on the development and improvement of future operating systems for in-play sports betting.

Our unique engine automatically creates, pauses, reprices, and results in real-time inplay betting markets and uses machine learning to provide reliable and accurate pricing for each market selection. To narrow down both historical and real-time data in milliseconds.

All this work was trying to reach the first user experience that would allow sports fans to predict the outcome of every pitch and every turn at bat in every MLB game. And just a few weeks before its launch, COVID-19 swept the world, plus the sports and sports betting industry.

As Mike Tyson famously said, “Everyone is planning until they are hit.” That’s certainly true given that there could have been no plans to launch a sports lottery company in a world without sports. It was true for us.

From there, we proactively adjusted our plans, assuming that there would be no sports until 2021, and restructured and rationalized the organization. All costs, effort, and mindshare spent outside of the development of future operating systems for in-play betting in US sports have been eliminated. We knew that in order for us to survive and move forward, we had to do it rigorously and accurately.

The first step was to find a new launch partner.TheĀ· San Francisco GiantsThe key Simplebet investor, who was planning to launch his first product to fans at Oracle Park, was no longer an option. Considering how COVID-19 modified the product roadmap and integration timeline, the first sportsbook launch partner was also out of the question.

Fortunately, after dozens of meetings and long-term efforts, FanDuel.. We agree to release a free version of a new operating system for in-play betting featuring the “micromarket” that will be provided to users with a rethought-out user experience designed and developed by Simplebet. did.

We are effectively consumers of our own data feed and automation platforms, building user experiences and gaming mechanisms that make this new in-play betting experience simpler and more intuitive for the mass market of casual fans.

Results exceeded most optimistic expectations

This product was launched as “Fan Duel Play Action” this NFL season. For the first time, users were able to predict the outcome of every play and drive in every NFL game and win a prize. After improving the product in a pre-season-free environment, we launched FanDuel’s broad user base in the fourth week on October 1st. Since then, the results have exceeded the most optimistic expectations. The average user in week 14 bet 71 times across Sunday’s slate. , And more than 45 times per prime time game!

The average session time is 20-25 minutes, with about 25% of users spending more than an hour on the app and about 10% of users spending more than two hours on the app. By the 4th to 14th week, we had processed over 5 million bets and did this with virtually no marketing behind the product.

As early data already suggests, microbetting during play represents an opportunity for cross-generational fan engagement and will eventually become the primary way for fans to consume and bet on sports in North America. There is a possibility. And many others are beginning to agree.

In lot And PointsBet While leagues, teams, media companies, large tech companies, and various other companies and organizations are actively considering driving the launch of these new products and accelerating this new paradigm of fan engagement. , We are preparing to launch Simplebet products in the coming weeks.

Believe it or not nine months ago, COVID-19 has strengthened our business in many ways. Decades of business practices have been overturned in the coming weeks, as seen in the media industry.

After observing the two announcements over the last 30 days, both Warner Bros. and Disney have decided to “all-in” to DTC and put end-users first, moving away from the well-established wholesale model.

Sports betting and fan engagement are on the same path as operators are aware that end users are demanding different types of experiences, and we are investing in and innovating on that opportunity. Thanks to the turmoil of 2020, we now have a maniac focus and an “end-user first” mindset, accelerating momentum towards 2021.

Simplebet: Navigate COVID and promote fan involvement

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