Caesars Entertainment has decided to get into the micro-betting game. The company recently signed a multi-year deal with Simplebet, the leader in micro-betting products, to provide its sportsbooks with its technology for the niche market.
Micro-betting has only been around for about four years. The process entails being able to wager on the outcome for every play, such as whether a pass is completed in football or if a pitch is a strike in baseball.
It works by machine learning and automation to create micro markets, enabling every moment of every sporting event to become a betting opportunity. The micro markets can produce a result in just seconds.
Caesars said they will implement the technology immediately and it will be available in all 17 states where the sportsbooks have a mobile app. It will be offered for the NFL, NHL, NBA, and college football. It will also be available for the MLB 2023 season.
Caesars Digital president Eric Hession said the company was excited about this new way to bet on sports.
“Play-by-play betting is an innovation that we know our customers want access to,” Hession said in a statement. “We’re excited to enhance our product experience by bringing customers closer to the sports, teams and athletes they love more than ever before at a time when the sports calendar is packed with marquee events.”
Caesars joins DraftKings and bet365 in utilizing micro-betting. DraftKings, the second largest mobile sportsbook, signed a deal with Simplebet in August of 2021. Bet365 inked their deal in September of this year.
Simplebet was co-founded in 2018 by Chris Bevilacqua, Joey Levy, and Scott Marshall. Bevilacqua, who is the company’s CEO, told Forbes he estimates $1 billion in gross gaming revenue and expects to be profitable next year.
“Micro-betting has transformed the way fans, operators and media companies view live sporting events, and we’re thrilled to work with such a dynamic partner to accelerate its widespread adoption,” Bevilacqua said in a statement.
