The Thrilling New Season of NBA and the Rise of In-Play Betting

As the NBA regular season kicks off on Tuesday, October 22, with the reigning champion Boston Celtics hosting the New York Knicks, fans and bettors alike are anticipating a whirlwind of excitement on the court. The irresistible allure of fast-paced basketball is set to enhance the ongoing surge in popularity of in-play betting, establishing it as a crucial component of the sports betting landscape.

The Landscape of In-Play Betting

Recent data from Simplebet, a provider specializing in micromarket pricing, highlights an impressive trend: it reported a 75% increase in in-play bets year-on-year for the 2023-24 NBA season, with nearly 13 million bets placed in total. Around $325 million was wagered using Simplebet’s products, which offered an impressive range of 86 unique in-play markets during the NBA post-season. This robust growth showcases how operators are adapting to meet the rapidly evolving demands of modern sports bettors.

In the wake of Simplebet’s success, leading sportsbook DraftKings further bolstered its position in the market by announcing an agreement to acquire the micromarket provider, hinting at the future direction of in-play betting strategies.

The Evolution of Sports Betting in the U.S.

The U.S. sports betting market has undergone significant changes since the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018. In-play betting has quickly become a focal point for many operators, driven by bettors’ desire for instant gratification and immediate involvement in games.

Leo Gaspar, Chief Business Development Officer of Huddle and a former EVP at Simplebet, attributes this growth in part to the rise of daily fantasy sports prior to the PASPA repeal. “When PASPA got repealed, all this stuff became very, very popular because you had to create additional content to engage the audience,” he explains.

The Potential for In-Play Betting to Outpace Pre-Event Betting

The popularity of in-play betting raises an intriguing question: could it eventually surpass the number of bets made prior to games? Industry experts like Matt Howard from Propus Partners believe this outcome is possible, noting that the increasing integration of player statistics and daily fantasy sports trends could propel in-play markets to the forefront of betting preferences.

“In-play betting grows and grows and probably takes over pre-event at some point because that is what every other region on the planet has done eventually,” Howard suggests. Basketball, with its sequences of rapid scoring and lead changes, proves to be particularly suitable for in-play betting, presenting numerous opportunities for bettors to engage throughout the game.

Despite this enthusiasm, Sportradar notes that the U.S. still lags behind more mature markets, where in-play betting comprises 70% to 80% of all bets. Currently, around 35% to 40% of bets placed in the U.S. are in-play, but the company anticipates this will rise, particularly within the NBA, thanks to its dynamic nature and the abundance of scoring chances.

What Are Fans Betting On?

FanDuel, a key player in the U.S. sports betting industry, is focusing heavily on in-play markets in both the NBA and NFL. Notably, about 25% of bets made across these leagues during the 2023-24 season were placed on live action.

The introduction of "The Pulse" — an innovative product that adds in-play markets relating to ongoing storylines — exemplifies FanDuel’s strategy to capture the audience’s attention as the game unfolds. “As the action unfolds, new bets are added to the feed, offering fans a simple and streamlined path to engage with real-time events,” reports FanDuel’s General Manager for Sportsbook, Karol Corcoran.

FanDuel has identified core markets such as moneyline, spread, point totals, and player prop bets, including points and three-pointers, as the most engaging options for in-play bettors. As this market matures, Sportradar expects live player markets and micromarkets to gain even wider appeal, adding to the thrill of the NBA.

Personalization: The Key to Future Success

With the rapid growth in in-play NBA betting, personalizing the betting experience becomes increasingly vital for operators. Gaspar emphasizes that personalization is crucial for enhancing engagement in this fast-paced environment. Matt Howard echoes this sentiment, suggesting that the industry has yet to fully tap into the potential for tailored experiences. He argues that the battleground for market share will focus on user interfaces and how operators present relevant betting options to individual users.

Sportradar is already implementing this approach in its NBA plans, incorporating personalization into its streaming and live data solutions. Its innovative services, such as the Virtualised Live Match Tracker and the 4Sight streaming service adapted for basketball, allow for an interactive, data-rich viewing experience for fans.

The Role of Technology in Personalization

Both Gaspar and Howard indicate that technology will play an instrumental role in shaping the future of in-play betting. However, challenges remain in harmonizing different technological infrastructures to streamline processes such as trading and content management. Gaspar notes, “True personalization should be the target, focusing on the specific interests of individual bettors.”

This emphasis on personalization is evident in FanDuel’s strategy, which aims to continuously enhance its offerings based on real-time player behavior. The integration of data will be pivotal in facilitating quick responses to in-game events, ultimately enriching the user experience.

FanDuel’s Plans for 2023-24: Capitalizing on Trends

As the NBA season commences, FanDuel intends to solidify its position at the forefront of the NBA betting market by enhancing its live betting offerings. Corcoran highlights efforts to expand markets relating to live rebounds and assists—areas that continue to gain popularity among bettors.

With the promise of improved algorithms and rapid data processing, FanDuel is committed to providing an unparalleled live betting experience. “During a game, it takes about 1.5 seconds to receive data on court actions and an additional second to process this data for new odds,” Corcoran explains. The company simulates thousands of outcomes to ensure that bettors have access to the best in-play opportunities throughout each thrilling game.

The Future of In-Play Betting Is Bright

The explosive interest in NBA in-play betting signals a robust opportunity for operators eager to engage a rapidly evolving audience. While significant strides have been made, the journey continues, with personalization standing out as a key area for growth.

With technology paving the way for enhanced engagement, both FanDuel and Sportradar are committed to meeting evolving consumer expectations. As fans gear up for another exhilarating NBA season, the battle for supremacy in the in-play betting arena is just beginning, making this yet another exciting chapter in the world of sports betting. Who will emerge victorious when June arrives? Only time will tell, but one thing is certain: the competition is set to be just as thrilling as the games themselves.