London start-up ‘Wager’ will become the latest incumbent to tackle betting’s ‘social wagering conundrum’ after launching its propitiatory product on the Apple App Store.
The enterprise founded by Oxford University graduates Leo Barnes and Elliot Robinson seeks to move wagering away from traditional bookmaker markets by tapping into betting’s ‘growing social trends’.
Launching its app, Wager believes that it has developed the most complete digital solution that will overcome barriers that have afflicted previous ‘peer-to-peer’ betting incumbents, offering punters better fairer odds and tracking of wagers, supported with social dynamics to drive customer engagement.
“Sports fans love betting against their mates but having to chase winnings and pay in cash is a painful, outdated experience,” said Co-Founder Leo Barnes. “Wager brings social betting onto an app and makes the experience slick and easy for punters. The app delivers live odds, instant pay-outs and performance tracking – it is the perfect way to put your money where your mouth is.”
Wager has been backed by London venture capital fund Forward Partners, with the start-up having raised £500,000 in enterprise investment to date.
Industry observers will be monitoring Wager’s movements closely, tackling ‘peer-to-peer’ dynamics that have proved too complex or unprofitable for former challengers such as Flutter.com, a defunct former competitor to the Betfair Exchange, Syndicates product Colossus Bets and Smarkets, who would change its enterprise model to a traditional exchange format accommodate VIP punters.
Elliott Robinson, co-founder at Wager, added: “We are delighted to have launched Wager and are very proud of the product we have created. As the new season gets going, we want to introduce the latest betting app that will create a buzz between friends up and down the country. On Wager, bets are always between mates, which is important to us, as healthy social competition is at the core of what we do.”