Aussie Sports betting startup now backed by $3.5 million funding!

- April 5, 2013 3 MIN READ

Favourit, the smartest tipping and betting community for sports fans, is wagering that a fusion of sports, betting and social media will return a huge payout for sports fans, betting operators, brands, teams and sports media partners worldwide. The groundbreaking Favourit social sports and betting platform, backed with more than AUD$3.5M in funding from international and local investors to date, today announced the company’s global launch with the release of its free Favourit iOS app in markets worldwide, to complement its existing web and mobile HTML apps. 

Favourit, which operates as a “Facebook for the sports betting world”, connects sports fans, their friends and licensed betting operators worldwide, providing a central hub where fans can come together to demonstrate their skills and knowledge about the most popular professional sports worldwide, including football, tennis, AFL, NRL, NFL, NBA and much more. Fans can compete against friends and fellow sports enthusiasts on the site or via the free mobile app by placing bets, either with virtual currency or real cash integrating directly with some of the world’s top betting operators.

The new iOS app makes it simple – users download the app to place their bets, get live scores, follow unique insights into the game from expert tipsters as well as peers, and track leaderboard rankings. The distinguished TipTracker feature gives users a snapshot of global betting trends, and Favourit’s proprietary technology determines participants’ “Bet IQ” as they place their bets, letting them see how they stack up against other fans.

Favourit was launched in June 2012 by brothers Toby and Josh Simmons, who are opening a formal Series A fund raising process to spearhead international expansion, having already received significant interest to date. Toby, 26, and Josh, 31, recognized an unmet need for a social networking platform to connect fans, licensed betting operators and sports experts, all in one convenient place:

“Sports are about bringing people together to have fun, compete and win,” said Toby Simmons, Favourit CEO. “Social media platforms have changed the way we communicate on so many levels, and Favourit harnesses those capabilities for sports fans, giving them a revolutionary new way to discuss their teams, see the latest trends and stats from experts, and place virtual or real bets to increase the excitement of following the sports they love. While there’s nothing better for sports fans, this is also the future for sports betting operators.”

Favourit’s platform integrates with betting operators in regulated markets including UK market leader Paddy Power, as well as Luxbet, a part of the TABcorp Group. In addition, a number of European market operators are moving forward with integration into the platform in the coming months, highlighting the attractiveness of the technology. As a result, Favourit powers a new channel for these companies to engage with users and offer a more personalized experience. Whilst Favourit operates its own branded portals, the business is also working with a number of partners to launch co-branded platforms. Favourit doesn’t facilitate real currency transactions but instead lets users access their existing accounts with these market-leading betting operators worldwide directly through the Favourit platform, via a cutting edge integration experience.

By providing a new social sports and betting network, Favourit is disrupting the sports betting industry in a positive way for everyone involved. Sports fans benefit by having a new social media hub they can use to compete with friends, access the latest sports opinions, and view live sports scores while showcasing their sports knowledge. Integrated betting operators get a new distribution channel that allows them to showcase their services to the next generation of punters.

Brands and advertising agencies benefit from the new platform by gaining access to a highly prized customer group, primarily males between the ages of 20 to 35. With Favourit, brands can engage prospective customers on a platform they’ll visit often and for extended periods of time as they follow the latest sports action.

Sports media partners and teams also receive a unique fan engagement opportunity: Favourit offers a second screen experience during live sporting events as well as new ways to connect with fans via widgets and gaming elements teams can incorporate into existing online and broadcast platforms. This gives them a new way to “gamify” their sport, putting fans at the center of the action.

Backed by an experienced team that includes Chairman Martin Dalgleish, Advisor of the Ellerston Capital Technology Fund, as well as Richard Kuo, Founder and CEO of Pier Capital, Favourit is in high-growth mode, with expansion plans underway into the Asia and US markets, and is shortly to release its applications to these international markets, among others.