If Facebook shagged Sportsbet, this startup would be its baby
Sporting competitions play a pivotal role in Australia; it is part of our identity. On most weekends, free-to-air television is filled with cricket, football, golf, tennis, and other sports. Sporting events like the Melbourne Cup ‘stop the nation’ in their tracks. Hand in hand with our love for rooting for our team, is placing a bet – there’s a reason why TAB has a presence in almost every town across Australia.
Based in Adelaide, and founded by Jason Neave and Tom Moon, Punt Club takes the best from the world of social media and elements locals love about putting down a cheeky bet and put them together to take the humble footy tips scenario and launch it into an entirely different stratosphere.
The idea of these types of clubs have been around forever. But Punt Club just takes what was a very manual process and streamlines it for the digital world.
Traditional ‘offline’ punt clubs usually are structured with someone setting up either a bank or bookie account, and everyone puts a fixed amount of money every week. Club members usually take turns, choosing one member at a time to bet on behalf of the club each week. Seems simple enough but when you have an office or entire group of mates, it can often be an administrative nightmare.
Neave and his team of engineers at PuntClub.com decided to remove that headache for punters across the country, systemising the admin side of things and making it easy for punters in each club to engage socially with each other as they follow the ups and downs of the club’s fortune. The group can also start to throw around ideas on how they want to spend the dollars they make.
Neave and Moon recently closed a round of seed funding in order to start taking things to the next level. Whilst gambling critics in Australia’s startup ecosystem may take issue with this, I think it is extremely important to note that the value in this company is in the data. The transparency of data also means individual members of clubs on the platform can see everything going on with their account.
Neave, who is also Director and SA Chair for ADMA (Association for Data-driven Marketing & Advertising) knows data and understands the important role it plays when it comes to seeking investment and more importantly making the venture interesting to possible buyers in the future.
The audience using the platform is a niche but captive segment of the community; and Punt Club, from a data perspective, would constantly be learning about how these customers spend their money, where they like to go on holidays, what beer they like to drink and a whole lot of other information that could start to represent other revenue opportunities for the company as they start to reach a higher level of scalability.
Punt Club may look like a friendly betting platform at the moment. But I am making a bet it ends up being a highly profitable media platform.
Featured image: Jason Neave and Tom Moon. Source: Adelaide Now.