Dallas-based nVenue, recognized for its sports betting platform employing machine learning and AI to generate “next play” probabilities and micro-bets for live sports viewers, has garnered attention from the NBA. In March of the previous year, nVenue was chosen by the NBA for the second installment of NBA Launchpad, an initiative aimed at identifying, assessing, and testing emerging technologies aligned with the NBA’s top priorities both on and off the court.
Following the NBA’s engagement with nVenue, it has now made an equity investment in the startup, a development revealed by nVenue on Wednesday. The specific terms of the deal remain undisclosed.
This investment underscores the NBA’s dedication to innovation and its endeavor to provide fans with novel, engaging, and responsible gaming opportunities, according to nVenue. As a part of this investment, Scott Kaufman-Ross, the head of gaming and new business ventures at the NBA, has joined nVenue as a board observer.
Scott Kaufman-Ross, the head of gaming and new business ventures at the NBA, expressed the potential of micro-betting in enhancing fan engagement during live games. In a statement, Kaufman-Ross highlighted the unique opportunity presented by micro-betting, especially in a fast-paced sport like the NBA, to offer contextual and personalized opportunities aligned with how fans consume the game. He expressed enthusiasm for collaborating with nVenue, acknowledging its innovative technology and capable team.
nVenue’s CEO, Kelly Pracht, emphasized the gap in current in-play options for the NBA’s dynamic gameplay. Pracht expressed gratitude for being selected by the league to work on a new approach to micro-betting for NBA fans.
In addition to its existing NBA product, nVenue plans to introduce a “refreshed take” on micro-betting markets, catering to betting operators globally. Examples of micro-bets include predicting the next team to reach 15-point increments, determining which team will score the most points in a 4-minute game segment, and predicting the success or failure of the next free throw.
