WantMyBet makes Facebook and Asian plays

WantMyBet makes Facebook and Asian plays

Wednesday, October 26, 2016 Posted by Totally Gaming
Facebook Live show attracting up to 70,000 each week

UK-based social betting start-up WantMyBet has recovered from the disappointment of failing to hit its crowdfunding target by signing a deal with Cardinal House that hopes to leverage the huge levels of Asian interest in UK Premier League football.

WanyMyBet launched a crowdfunding effort on Seedrs in the summer to raise over £200,000 for a pre-money valuation of around £1.7m. The target was never reached, but co-founder and chief executive Olly Joshi told TotallyGaming.com the effort was still worthwhile as it led indirectly to the joint-venture deal with Cardinal House to produce a product for the Asian market.

“Graham Martin (chairman at Cardinal House) saw the offer of Seedrs and got in touch,” he says. “So the offer served its purpose – it got us noticed”.

WantMyBet.com is a app and website designed to let people share football predictions and betting tip and Joshi says Cardinal House approached the company with the aim of tapping into the huge interest in Asia and Australasia. The new app will mix new users with the current UK audience.

Under the terms of the deal, Cardinal House will fund the development of the new site and there will be a revenue-share agreement for the proceeds. The company hopes to have the new app ready in the new year, well ahead of the next football season.

In the UK, meanwhile, WantMyBet has also been making waves in the world of social media with its own sports-tipping broadcast via Facebook live which has been running for the past two or three months. Joshi said the digital broadcasts featured the co-founders of WantMyBet.com offering tips, advice and football gossip every Saturday morning ahead of the weekend’s Premier League fixtures.

“We wanted to add another pillar to the business,” says Joshi. “One way to drive traffic is content, and seeing as we all have backgrounds in digital marketing, we saw this as one way of doing that. And we knew we would be one of the first to truly use Facebook Live.”

He added that the offering was “quite raw” but that this worked with the audience it was attempting to reach. “There is a connection with the people who are watching it on a Saturday morning,” he says. “It’s just some guys talking about football, and it’s quite natural.”

He added that the programme was having an effect in terms of both views of the Facebook Live show and in traffic to the site. “We’ve been getting 70,000 views some weeks,” he says. “And the feedback has been good. People really like to see what we are tipping. We will be adding to the show as it goes. We are getting a little bit braver.”

Joshi said WantMyBet turned to Seedrs after a major investor pulled out - “we went from planning for growth to planning for survival” – but although it is still looking for the next round of investment he hopes the potential for the new joint venture will soon see the company “running the business from revenues rather than from investment”.

Cardinal House was founded by Martin, the man behind Surrey Sports which was bought Sky Bet. It has a number of investments in the gaming space and recently entered into another betting-based joint venture with the big data-based horserace tipping service start-up Equotion.

Totally Gaming says: Despite the disappointment from the Seedrs campaign in the summer, WantMyBet has picked itself up, first via its innovative Facebook Live football tipping shows and now with the deal with Cardinal House. As both of these efforts prove, the interest in football and football betting is huge both in the UK and further afield and if WantMyBet can tap into this mass consumer market, it will be a business worth keeping an eye on.

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