Betmate is a social betting platform that enables users to place peer-to-peer bets on various sports outcomes, including football, through a low-stakes model that promotes responsible gambling. By eliminating the traditional bookmaker, Betmate fosters a community-driven environment where players compete against each other, ensuring that someone always wins while maintaining a focus on user engagement and enjoyment.
Funding
$2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional sports betting often involves placing wagers against a bookmaker, where the odds are stacked in favor of the house, and can lead to isolating experiences with fewer built-in mechanisms to prevent excessive spending. Existing platforms may lack social engagement and community-driven aspects, reducing the overall enjoyment and potentially increasing the risk of irresponsible gambling.
Solution
Betmate is a social betting platform that allows users to compete against each other on various sports outcomes, fostering a community-driven environment where players engage in peer-to-peer betting. By eliminating the traditional bookmaker, Betmate ensures that someone always wins, creating a fairer playing field and enhancing the social aspect of sports betting. The platform offers a range of game modes, including Daily Fantasy Football, FT Result (a twist on the Acca), Survivor, Will Both Teams Score, Bet Builder, and Goalscorer, each designed with unique rules and scoring systems. Betmate emphasizes responsible gambling by setting low stakes, with entry fees typically under £10, and provides a platform where the joy of the sport comes first.
Target Audience
Betmate primarily targets sports fans, particularly football enthusiasts, who enjoy friendly competition and are looking for a more social and engaging betting experience compared to traditional sportsbooks.
Features
- Peer-to-peer betting on various sports outcomes, eliminating the traditional bookmaker.
- Diverse game modes including Daily Fantasy Football, FT Result, Survivor, Will Both Teams Score, Bet Builder, and Goalscorer.
- Public and private pots, allowing users to play against other Betmate users or privately against friends.
- Low stakes platform with entry fees typically under £10 to promote responsible gambling.
- Points are calculated using Opta, a data-driven statistics provider.
- Referral scheme where both the referrer and referred player receive a £10 free bet.
- Free bets available through promo codes or by playing free pots.
- Mobile application available for both iOS and Android.