BuddyBet Secures $3 Million Investment
The online gambling company, BuddyBet, has received $3 million in funding from private investors in order to develop its social betting site.
The company is different from traditional bookmakers because it allows people to bet against other BuddyBet users instead of against the site. It places a huge emphasis on the social side of gambling, something which is easily lost when gambling online.
At present BuddyBet only focuses on sports betting, however, it is planning to expand into other markets.
The site offers three kinds of bet: direct user-to-user bets, open market bets, and external link bets which allow users to post links via social networks.
There are also a number of ways to cash out, users can bet for BuddyBucks or simply for the sake of betting.
BuddyBet is one of a few social betting sites which is looking to convert online gamers into online gamblers. Betable has already seen great success with this process and regulatory restrictions fall in both the U.S. and abroad it is expected that many more sites will follow suit.