Sports betting operators pay attention to Sparket patent pending technology after announcing the company earned a GLI Certification for their “bet-on-anything” wagering platform with a community feel. The proprietary technology was built for pool based bets while offering the lowest fees and diverse bet types to a broader audience with adding value to existing patrons. Co-founders, Aaron Basch and Evan Fisher, had previous careers in FinTech and are both sports fans and gamers that believe traditional fixed odds wagering, especially when it comes to underserved sports like eSports, golf, rodeo, and drone racing, and also the entertainment space such as reality TV and awards shows, is about to face an industry revolution. Their new social betting community is where operators and players can engage in friendly wagers and gamification for fun or cash. The co-founders saw a startup opportunity in Los Angeles to set the odds for each market because DraftKings, FanDuel, Caesars, BetMGM, and other major sportsbooks offer nearly the same lines for the tapped out marketplaces of the NFL, NBA, MLB and NHL. They set out to design scalable, live event betting software with optimized user experience designed for everyone and created a B2B asset to assist operating partners increase their gross gaming revenue (GGR), offer custom bets, add to the number of sport bettors, and improve their overall reach while generating additional real-money content creation. The Sports Techie community blog readers and followers that are GenZ and millennial aged should understand that Sparket is here for you and your diverse gambling interests but cater to all generations, making them an ideal sports betting operator’s partner in waiting to white label the app for the near future and beyond. Sparket’s modular backend was designed to enable each feature to be integrated with any existing software saving operators money. The robust offering is complete with social connections, on the come for the casual bettor, and poised to change the market with new betting opportunities at low-cost entry for operators. Investors take note, the company now has an equity crowdfunding raise on the crowd investing platform, StartEngine.
Social Betwork™ Platform
The Sparket SAAS, live sports betting, Social Betwork™ Platform has self-setting odds and crowdsourced data, and is based on pari-mutuel wagering. With pari-mutuel betting, all money bet is pooled together and every punter bets against other bettors and is not wagering against a bookmaker. The winners then split the pot after a small percentage of takeout is drawn for operators. By enabling infinite free-to-play and pay-to-play betting plays, operators have no overhead while earning commissions per wager with no exposure compared to fixed odds betting. Sparket has been officially certified to the Gaming Laboratories International’s (GLI®) standard, GLI-33 Event Wagering Systems v1.1.
SportsBiz
Basch tells me his B2B offering with different demographics has more upcoming partnerships, including one with a major Vegas based casino integration launching in the next week, with more imminent. New partner Wagr, a licensed sportsbook operator, helps to drive user acquisition during the pro football season by enabled the testing of new bet types with their bettors powered by Sparket featuring a free play for NFL week 4 and 5. Their Web 3.0 integration would be able to potentially offer crypto currencies as a payment form, as well as offer NFT rewards gamified into the contest for users. Interested consumers, operators and investors can find the founders at Global Gaming Expo – G2E 2022 in Las Vegas from October 10-13.
Sparket’s recent announcements follow previously announced deals with USBookmaking and Cahuilla Casino. In the past year, they’ve run a live esports event during Comic-Con, held contests in everything from traditional sports to reality TV, and partnered with several private golf clubs to enhance the member tournament experience.
Sparket’s patent-pending outcome verification system empowers users to self-regulate while building community:
Sparket was one of thirteen start ups accepted into the Spring 2022 cohort at the UCLA Anderson School of Management Venture Accelerator.
GLI
After the Supreme Court overturned the ban on sports wagering, Aaron and Evan started paying attention to the industry waiting for the right opportunity. America Gaming Association states 40 states and Washington D.C. are currently offering or have some type of sports betting legislation being consider, with 30 states and D.C. enacting laws for “Live, Legal” single-game sports betting is legally available for consumers to participate with at a retail and/or online sportsbook within these states.
Basch was very excited about the GLI certification and how it impacts the company’s global standing. This certification generated the world’s leading testing lab positions Sparket to offer its B2B live event wagering platform for real money wagering in regulated jurisdictions. Basch said, “With our GLI certification we can offer our services anywhere in the world, within each state’s given regulations.”
He added on LinkedIn, “So proud of Evan Fisher and the team for getting this done. Earning our GLI sportsbook certification is a huge milestone. Stay tuned for more exciting update to come our prior to G2E, see you all there! #YouCanBetOnThat
Start Engine Fund Raising
There is validation gained from earning a GLI-33 certification and together with their initial partnerships, Sparket decided this marked the opportune time for savvy, aggressive and Web3 investors to claim their stake in the company. This current raise on StartEngine provides a trusted, simple, and secure platform to facilitate the investment process for those that are ready to invest in the future of event wagering, with a minimum investment of just $250.
Founders
Aaron is into stats and is a former finance executive and math teacher. His earned a Master’s degree, Financial Engineering, from the UCLA Anderson School of Management.
New York-based Evan Fisher earned a Master of Business Administration (MBA) from Columbia Business School. He spent 8 years at Google prior to co-founding Sparket as COO, he said, “GLI certification is a massive milestone for our company. Our tech team has been hard at work for over a year building key compliance, security, and reporting features that will give prospective partners confidence that the Sparket platform is robust and ready for action!”
Sports Techie, my resource for sports betting is my younger brother, Ricky Roble. He is dialed into the industry much like I am with sports technology. We have both participated in eSports, Euro basketball, Canadian football, F1 and even reality TV free-to-play wagering on DraftKings and FanDuel. He challenged the notion of “betting on anything” and said although you cannot find odds for many of these types of live sporting events here in the U.S., overseas in Europe or Southeast Asia you pretty much can up to a limit because their sportsbooks have a lot more history and experience.
Rick said, “I’d like to bet on the Seahawks to make the Super Bowl before the Denver Broncos do and you may get 20-1 odds, this wager is not available in America.”
While that bet is unfortunately not available yet, Sparket is not interested in NFL or NBA wagering with fixed odds. Instead, Aaron and Evan are going after socially created odds per market with a pari-mutuel betting format for non-traditional, live sports events like the hot dog eating contest, a surfing championship or volleyball game, and a friendly Fortnite tournament, by offering their patented Social Betwork™ Platform to partner operators with little overhead and no risk, enabling users to set the odds, while increasing betting content, and the volume of bets with existing and new patrons.
Sounds like a real win-win-win for Sparket, wagering operators and consumers, eh.
See you later sportstechie in Seattle, Atlanta and around the world!
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