#199: Chris Bevilacqua, Founder and CEO of SimpleBet – Business happens around relationships
Aug 8, 2024
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Chris Bevilacqua, founder and CEO of SimpleBet, delves into the importance of relationships in business. He shares how personal connections have shaped his career, highlighting lessons learned from his wrestling background and experiences at Nike and NBC Sports. Bevilacqua reveals valuable insights, including what Michael Jordan taught him about motivation and key strategies for successful negotiations. He emphasizes the need for resilience in entrepreneurship and the significance of innovative technology in the evolving sports betting industry.
Building trust and maintaining personal relationships are crucial for successful deal-making in the business world.
Determination and resilience, as learned from his wrestling background, are essential qualities for overcoming challenges in both life and business.
Focusing on core markets and aligning strategies with consumer behavior are vital for sustainable growth in the rapidly evolving sports betting industry.
Deep dives
The Importance of Relationships in Business
Business is fundamentally built on relationships, where trust and likability play crucial roles in deal-making. Personal interactions, rather than solely digital communications, are essential for establishing these connections and fostering long-term relationships. Spending quality time with clients or partners often makes the difference between success and failure in business engagements. Chris Bevalacqua emphasizes that the best deals stem from genuine connections made in person, reinforcing the idea that strong, personal relationships are paramount in any business environment.
Lessons from Competitive Sports
Chris Bevalacqua shares invaluable lessons learned from his wrestling career, particularly in terms of determination and resilience. He recounts a pivotal match where he realized that quitting is the only way to truly lose, instilling in him a lifelong commitment to never give up. This mindset has deeply influenced both his professional undertakings and personal life, driving him to approach challenges with an unwavering spirit. The competitive nature of sports has equipped him with the mental toughness necessary to navigate the business landscape.
Innovation and Opportunity in Sports Betting
Chris discusses his transition into the sports betting industry, highlighting the significant shifts following the repeal of PASPA, which allowed states to legalize sports betting. This regulatory change opened up vast opportunities within the U.S. market and led to the creation of Simplebet, focusing on micro-betting technology. By emphasizing the unique characteristics of American sports compared to international markets, Simplebet aims to fill a gap in the ecosystem, providing innovative solutions tailored for U.S. bettors. The company's successful partnerships further underscore the potential for growth in this burgeoning industry.
Leadership Insights from Phil Knight
Chris reflects on his experiences with Phil Knight, founder of Nike, and the lessons he imparted about leadership and resilience. He admired Knight's relentless pursuit of success, characterized by a strong work ethic and unwavering determination in the face of adversity. This influence shaped Chris’s own leadership style, emphasizing the need for mental toughness and perseverance throughout his entrepreneurial journey. The key takeaway is that true leadership involves not only guiding others but also embodying the principles of the relentless pursuit of goals.
Strategic Focus in Business Development
In his role at Simplebet, Chris underscores the importance of maintaining a focused strategy rather than spreading resources too thin across multiple initiatives. By concentrating on core markets and specific sports that account for the majority of betting activity, Simplebet ensures that it can deliver high-quality services and technologies. He emphasizes that strategic decisions should align with market realities and consumer behaviors to maximize impact. This disciplined approach to business development fosters growth and mitigates risks in a rapidly evolving industry.
When you think about it, we tend to work and make deals with people we like and trust.
Business happens around relationships, and in this episode, you’ll hear from a leader who has built an incredible career in sports business around that powerful insight.
Chris Bevilacqua is the Founder and CEO of SimpleBet, whose enterprise sports betting software is used by companies like Caesar’s and DraftKings.
Before that, Chris worked at Nike and NBC Sports … and he started the first-ever 24-hour cable TV network for college sports.
Listen to this episode to see how business happens around relationships—and why it’s so vital that you build them and invest in them throughout your career.
You’ll also learn:
The power of perseverance
What Michael Jordan taught him about motivation
Two things you need to find that next big idea
A tip you need to hear before your next negotiation