NBA Partners with nVenue to Enhance Sports Betting Options

The NBA has made an investment in the predictive analytics company nVenue in an effort to enhance the sports betting experience for fans. nVenue, which offers advanced predictive analytics for live sports, has received financial backing from the NBA Equity division. As part of the investment, Scott Kaufman-Ross, the NBA’s Head of Gaming and New Business Ventures, will be serving as a board observer for nVenue, according to the Sports Business Journal (SBJ).

nVenue’s AI-powered platform utilizes machine learning and AI algorithms to process data from multiple games and sports seamlessly. The company, which consists of machine learning engineers, product experts, and brand builders, completed the NBA Launchpad program earlier in 2023 and has since been identified as a promising investment opportunity by the NBA. In addition to the investment, nVenue is set to introduce a new collection of basketball micro-betting markets that will be licensed to sports betting operators.

During the NBA Launchpad program, nVenue collaborated with the NBA to develop new betting options, some of which are already available to players. These developments include the creation of bets like “race to 15 points,” “individual player race to seven points,” and “most team points scored in four minutes.” The company also conducted a quiet international pilot program over the summer, recording 70,000 active user sessions. According to nVenue CEO Kelly Pracht, viewers placed an average of four 15-point races bets per game during the pilot, leading to a significant increase in the total viewing time of the games.

Kaufman-Ross expressed excitement about the potential of micro-betting to drive fan engagement during live games, noting that the fast-paced nature of the NBA requires a unique approach to providing personalized opportunities for fans. The collaboration with nVenue represents a major milestone for the company, which has previously partnered with flagship brands like Apple TV+ and NASCAR. With the innovative technology and expertise of nVenue, the NBA aims to explore new opportunities to enhance the sports betting experience for fans.