Social betting platform BuddyBet has secured the investment capital it needs to fund the next phase of its peer-to-peer (P2P) betting platform development.
Set up in August 2012 by Jarrod Epps, BuddyBet fuses social networking with online betting by allowing customers to challenge fellow users to P2P bets. Users can bet online or though customised versions of the product on other websites and mobile games.
The $3 million (£2 million) it has now received from undisclosed private investors follows on from the €60,000 which Epps injected from his own resources prior to launch.
Since setting up, BuddyBet has launched a business-to-consumer (B2C) sports betting product and integrated monetization of conversations on third party websites such as Footymad.net.
Epps comments, ‘Games developers, big and small, all face similar challenges when it comes to monetizing their games.
‘For huge brands with decimated communities it’s easier to charge a high retail price. However, online and mobile developers targeting more casual gamers turn to alternative methods such as banner advertising and fermium models which annoy their audience and often drive users away.’
More on angel funding:
- Angel backers from B&Q and Multimap.com invest in Wazoku
- Betfair founder backs Footfall123
- Sherry Coutu joins angels at Duedil
Before co-founding BuddyBet, Epps worked with Avant Group, connecting international venture capitalists with Central and Eastern European property and software projects.
Epps adds, ‘We believe that skill game betting is an effective way of monetizing games without the negative implications for a pure and user-friendly experience that occur other popular monetization methods.
‘BuddyBet offers a fun and effective way of allowing games to support the favourite developers, and this latest round of funding will be crucial to our effort to fulfil this objective.’