The microbetting market could grow to become up to one-third of the US sports betting market according to nVenue’s CEO and Co-Founder, Kelly Pracht.
The first microbet made in the US, known elsewhere as an in-play bet, was placed on a baseball at bat in August 2021 on DraftKings and since then the microbetting market has grown rapidly.
Speaking to BettingStartups.com’s Jesse Learmonth at SBC Summit North America, Pracht described the growth of nVenue and micro betting since that first bet.
She said: “We were out here pitching this product [in 2021] and we had to evangelise the space. But today it’s on everybody’s road map. Everybody wants it, they know it’s coming, and that is a testament to how micro markets are growing.
“In a few short years, it’s become a given that fans want microbets and we see it as potentially being up to a third of all handle in the United States if we believe some of the things we are seeing and hearing.”
Last year nVenue agreed partnerships with both NASCAR and the NBA.
The organisations shared data with nVenue which allowed the company to develop new micromarkets and in-game/race odds.
Since then the NBA has purchased an equity stake in the firm and nVenue also teamed up with Amelco to debut its NASCAR microbetting markets.
When Pracht was asked about nVenue’s plans for the rest of 2024 she said that the company plans to partner with more professional sports leagues in the coming months.
She also outlined how the partnerships with sports leagues are “changing the game” as nVenue can work with the leagues to “design bets that fans want”.
VERSE FANTASY TO OFFER “DFS 3.0” IN 2024
While at SBC Summit North America Learmonth caught up with another company looking to revolutionise the market.
He spoke to the CEO and Founder of Verse Fantasy, Daniel Zimmerman who described how his company is aiming to offer “DFS 3.0” and marry up season-long fantasy with the weekly DFS experience.
He also teased partnerships for verse Fantasy with people and companies that are “cultural cornerstones” of the fantasy industry.
“You’re not going to get around seeing Verse Fantasy next season,” added Zimmerman. “Whether it’s friends inviting you or being on your favourite data tool, whatever that may be, you’re going to see us soon.”
