‘eBay for betting’ goes live with first bookmaker partner
New white label product hailed as “biggest innovation since Betfair” by first partner Corbettsports
A new white label bet auction platform described as “eBay for bets” has gone live with its first bookmaker partner this week.
The auction platform, which a consumer testing group likened to the popular online auction site eBay, has been developed by Glasgow technology company Betsold over the last four years.
It allows punters to auction off their bets to the highest bidder, similar to US firm PropSwap or akin to a manual cash-out.
Betsold today announced the launch of its first partner, Corbettsports, with the product available under the ‘auction’ tab on corbettsports.com
Wayne Stevenson of Corbett Bookmakers called the concept the biggest thing to hit the market since Betfair.
Betsold CEO and co-founder Nicola Young added: said: “I’m delighted that we have been able to bring the new Betsold offering to market following over four years of technological innovation, customer research and great team work. Together with all our partners we believe this concept, which is a world-first, will gain traction with the betting community pretty quickly.”
“Someone described it in the focus groups as a sort of eBay for bets while others thought it added a game within a game and they liked being in control of the sale price in the auction instead of the existing cash out process where the price is controlled by the bookmaker.”
Betsold has invested £2m in the development of the platform and has raised £1.5m in a number of funding rounds. The company is preparing for a pre IPO which is due to complete later this year.
Young added: “We had a great example during the Women’s World Cup when someone had Scotland and Argentina to draw at 11/4.
“After 70 minutes this bet looked over and was in the auction but by end of the game it was a winner. It sold in the auction above the original stake paid – so the seller was happy and the buyer was happy as both made a profit.”
Its is free to list bets on the auction site, with both buyer and seller paying a 5% commission on successful bids.