This agreement means Caesars Sportsbook users will be able to place micro-bets for the NFL, the NBA and college football and for MLB when the 2023 season starts. With Simplebet’s technology, Caesars customers can wager on the outcome of every play, including every pass, possession and pitch during a game.
As reported by Forbes, Simplebet CEO Chris Bevilacqua said he expects a $10 billion total addressable market for sports betting micros in 2023 with $1 billion in gross gaming revenue. Simplebet is approaching $1 billion in total handle and expects to be profitable next year.
The agreement between Caesars and Simplebet adds another operator to the growing list of bookmakers that are offering their users micro-betting markets. These can prompt players to place more wagers for an event and to remain more engaged in a game because they can bet throughout it.
Simplebet uses 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.
Micro-betting combines live betting with prop betting. With live betting, wagers can be placed as the game progresses. Prop bets, meanwhile, rely on certain events that may not necessarily be directly related to the final outcome of the game.
“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.
Caesars Digital President Eric Hession said in a statement: “Play-by-play betting is an innovation that we know our customers want access to. 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.”
Simplebet has raised $80 million in capital to date and already provides micro-betting markets for sites belonging to DraftKings and bet365.