NBA, the premier basketball league in the world, has invested in the predictive analytics company nVenue to bring the sports betting experience to a completely new level. The investment into the world’s most advanced predictive analytics platform for live sports has been made by the Leagues’ capital investment division NBA Equity. The AI-powered startup will also include the League’s Head of Gaming and New Business Ventures, Scott Kaufman-Ross as a board observer, as the Sports Business Journal (SBJ) reports.
AI Processing Tools:
nVenue boasts of the proprietary Sports Machine Learning and AI Algorithms seamlessly processing multiple games and sports. The company comprising of machine learning engineers, product experts, and brand builders has completed the NBA Launchpad program earlier in 2023 to be reportedly recognized by the League’s experts as an exciting investment opportunity to launch a customized sports betting offering. As reported, nVenue is also launching a new collection of basketball micro-betting markets, with all of these to be licensed to sports betting operators.
NBA Launchpad Program Developments:
As reported by SBJ, the company used the Launchpad program to work with the NBA to develop some new bets that have become available for players in the meantime. In fact, nVenue developed the League’s accelerator which has been in use for two years now. Also, the analytics company reportedly tested ‘’a race to 15 points’’ wager that starts with the 0-0 score when the bet is placed. nVenue tested the product during the international NBA League Pass coverage during the Finals in June 2023. According to SBJ, the company has also developed an ‘’individual player race to seven points’’ bet, as well as the ‘’most team points scored in four minutes’’ wagering product.
Pilot Bet Program:
nVenue CEO Kelly Pracht reportedly said that the company launched a quiet international pilot this summer to record 70,000 active user sessions. According to Pracht, each viewer placed an average of four 15-point races bets per each game, with total viewing time of the game having been 45-60% higher than for passive viewers, as SBJ reports. The joint venture with the NBA represents a significant milestone for nVenue and continues a series of the company’s flagship partners like Apple TV+ and NASCAR.
Kaufman-Ross reportedly said in a statement: “Micro-betting presents an opportunity to drive incremental fan engagement within the live game. As a fast-paced sport with constant action, the NBA requires a unique approach to providing opportunities that are both contextual and personalized to how our fans are consuming the game. We are excited to roll up our sleeves with a company like nVenue, with its innovative tech and a great team, to explore this opportunity.”
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