nVenue Co-Founder and Chief Financial Officer Drew Williams; Chief Technology Officer Mick Stearns. Bruce Sears, co-founder and chief product officer. Co-founder and CEO Kelly Pracht. Chief Marketing Officer Christiana Yebra; and Chief Revenue Officer Jeremy Jones. [Photo: Bri Crow]
Dallas-based nVenue, a sports betting platform that uses machine learning and AI to create “next play” probabilities and micro bets for fans watching live games, was approved by the NBA in March of last year for procurement and evaluation. Selected for the second edition of NBA Launchpad, an initiative to , piloting new technologies that advance the NBA's top priorities on and off the court.
The NBA must have liked this result, as they announced on Wednesday that NBA Equity had acquired a stake in nVenue. Terms of the deal were not disclosed.
This investment strengthens the NBA's commitment to innovation and enables us to offer new and exciting services to our fans., nVenue said it provides opportunities for responsible gaming. As part of the transaction, NBA Head of Gaming and New Business Operations Scott Kaufman Ross joined nVenue as a board observer.
Promoting “progressive fan engagement”
Part of the nVenue team at NBA Launchpad Demo Day [Photo: Bri Crow]
“Microbetting provides an opportunity to increase fan engagement within live games,” Kaufman-Ross said in a statement. “As a fast-paced sport with constant action, the NBA requires a unique approach that provides contextual and personalized opportunities tailored to how fans enjoy the game. We are excited to explore this opportunity in collaboration with a company like nVenue, which has innovative technology and a great team.”
nVenue CEO Kelly Pracht said that currently available markets and betting offerings “remain a gap in in-play options suited to the pace of NBA games.”
“We are honored that the league has chosen nVenue to collaborate, design and deliver a new approach to microbetting for NBA fans,” Pracht added in a statement.
In addition to its existing NBA products, nVenue said it plans to offer an “updated version” of its micro-gambling marketplace prepared for domestic and international betting operators.
One such micro bet is built around basketball's “run game” and revolves around which team will reach a 15-point lead next. Another micro bet is based on which team will score the most points during a four-minute game segment. Another micro bet is a very simple one: will the next free throw go in?
Chief Technology Officer Mick Stearns. Bruce Sears, co-founder and chief product officer. Co-founder and CEO Kelly Pracht. Chief Marketing Officer Christiana Yebra; and Chief Revenue Officer Jeremy Jones. Drew Williams, co-founder and chief financial officer of nVenue. [Photo: Bri Crow]
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nVenue's “microbetting” next-play predictions air on NBC Sports and Apple TV+ MLB broadcasts, and it launched an NFL betting product in October. The startup is currently in court with the NBA, developing a “microbetting curation engine that leverages NBA assets to create unique and contextual in-game microbetting markets, props, and parlays.”
