NBA ventures into future of fan engagement with nVenue’s innovative sports technology
The National Basketball Association (NBA) has strategically invested in the predictive analytics and micro-betting technology firm, nVenue, as part of its ongoing commitment to enhancing fan engagement and exploring new revenue streams with betting partners.
According to reports from Sports Business Journal, the NBA’s investment is channelled through its private equity vehicle, while Scott Kaufman-Ross, Head of Gaming and New Business Ventures for the NBA, is set to join nVenue’s board as an advisor.
The league aims to leverage nVenue’s cutting-edge technology to introduce innovative gamification features to its digital portfolio. Based in Dallas, nVenue’s platform harnesses the power of machine learning (ML) and artificial intelligence (AI) to analyse both historical and real-time data, generating instantaneous probabilities for every moment in each game.
Addressing the integrity of micro-bets, a category characterized by its immense scale and volume, necessitates a new level of innovation and expertise. Today, we are delighted to announce a critical partnership with @USintegrity. https://t.co/x56hjD0dNz pic.twitter.com/wMNq3UGVig
— nVenue (@nVenueTech) November 7, 2023
This zero-latency feed has previously been employed by Apple TV+ to enhance fan engagement during MLB coverage. Furthermore, bookmakers can utilise the platform to automatically create short-term markets and set odds, significantly expanding the range of betting opportunities available in a single contest.
Having graduated from the NBA’s Launchpad sports technology accelerator, nVenue has collaborated closely with the league to tailor its technology specifically for basketball. During this partnership, nVenue successfully tested a free-to-play game during the international version of NBA League Pass’ coverage of the NBA Finals earlier this year. The game attracted 70,000 active users who watched the games up to 60 percent longer than passive viewers.
“Micro-betting presents an opportunity to drive incremental fan engagement within the live game,” Kauffman-Ross expressed.
“As a fast-paced sport with constant action, the NBA requires a unique approach to providing opportunities that are both contextual and personalised 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.”