Betmate Ltd

Idea

Introduction

The sports betting industry is broken with faceless, unethical bookies, where the house always ends up winning - sucking the fun and fairness out of something that can actually be enjoyable.

People love competing against each other and have been doing this for years. Whether that's making the free-to-play FPL more interesting with a wager, sweepstakes on the World Cup or the Grand National, setting up Last Man Standing groups, or simply "I bet you £x that..." against their mates.

We believe there has never been a people-vs-people platform to facilitate this. That's why Betmate was created. A low-stakes, people vs. people social betting platform where players compete against the community.

Responsible, inclusive, genuinely fun, and unlike the bookies, someone always wins.

We have a product-driven team, with proven backgrounds in growing tech startups. Our platform is growing at a phenomenal rate with 7800 new users compared to 1300 in Jan 2022

Betmate is primed to disrupt the £27 billion remote online betting industry in the UK.

Substantial accomplishments to date

- Founded in May 2020 after conducting customer interviews to validate our assumptions that there is a need for Betmate.
- Applied for UK Gambling License in August 2020, which was granted in February 2021.
- Launched non-gambling MVP for Euro 2020 to build traction and gather feedback.
- Raised pre-seed investment round of £150,000, led by Haatch Ventures (who are backing us once again!).
- Launched our Fantasy Football game to the public in August 2021.

Since launch:
- £175,000+ has been won on the platform.
- With 4,000 users placing over 50,000 bets.
- 30%+ month-on-month growth in key metrics such as total staked, total bets processed, and the number of new, active users on the platform.
- Established YouTube partnerships with some of the best content creators across clubs like Manchester United, Manchester City, Liverpool, Leeds, and more.

World Cup plans:
- Our first fan engagement partnership for the World Cup with Fan Parks throughout the UK in London, Birmingham, Manchester, Brighton, Bristol, and Cardiff. We believe this could prove to be a strong acquisition channel and potentially an additional revenue stream for the business in the future.

Plus:
- Free-to-play pot every day throughout the group stages.
- Our referrals programme soon to be boosted from a £5 reward to £10.
- Our #ThreeLions pots are paying out more than ever before.
- And we will be beta testing our brand new game, "Selector".

Monetisation strategy

We offer both private games (mates-vs-mates) and public games (you-vs-Betmate community). We take no fee on mates-vs-mates games.

For public games, we guarantee a fixed prize pool, then take any money staked above the guarantee as our revenue.
This means that our fee is a variable, depending on the number of people in the game. Our target is a 25% fee as we scale.

For example:
- Betmate hosts a game that is £5 to enter, with a fixed prize pool of £1,000.
- 250 people enter that game, and the amount staked is £1,250.
- The winner(s) are paid their share of the £1,000 prize pool.
- Betmate's platform fee is £250.

Use of proceeds

We intend for 50% of the funds raised to be spent on Product Development, which includes the continual improvement of our existing fantasy football game, as well as the development, testing, and launch of our new game type, called “Selector”. which will appeal to a more casual, broader audience. Selector will be key to Betmate expanding past Football and into other popular sports like F1, Golf, and MMA, to name just a few.

Marketing spend will account for 30% of the funds raised, which will target acquiring more users and continuing our 30%+ month-on-month growth.

Full breakdown:
50% on Product Development
30% on Marketing
5% each to:
- Software Licenses
- Hosting Costs
- Legal & Compliance
- Contingency