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Betolio

Betolio

"Update: Our equity campaign has successfully closed, but if you are interested following Betolio's journey please subscribe at www.betolio.com or send an email to christoffer@betolio.com." Picture yourself in a pub watching football with friends. Someone puts €10 on the table and announces "I bet Barcelona scores next!”. So you accept the offer, making the match even more exciting. Betolio is like that – but even better – it’s an app.

Investor proposal

Betolio gives football fans want they want – a truly social betting experience – and it’s going to be huge. Now you have the chance to get a stake in a product that will fundamentally change an entire industry. It all starts with you.

Price per Share: €0,40
B-Shares Offered: 750,000
Issue Amount: €300,000

By growing to 2,000,000 users within the first 5 years of operation, our individual user value of €100 (only 5% of the industry average) would see Betolio's value approach €200M. If you got in at the ground level, your investment would yield a return of 5,000%

Product

The problem this product solves

The idea for Betolio came while watching football with some friends, betting on the results in real-time. At the end of the night, we all talked about how we wished that there was “an app for that.”

A quick online search revealed the that there were no good options for football fans to bets with their friends online. Traditional gambling sites were complex, intimidating, and ignored the social aspects that fans crave, and offline bets were difficult to track, and generally ended with a failure to pay.

How the product solves it

Betolio connects friends through Facebook and let’s them make real-money bets with each other on football. It's simple, social, and the user always keep 100% of the winnings.

Our vision is to become the biggest and best online sports betting service in the world. That may sound ambitious for a startup, but by becoming the first socially responsible online betting service, we can change the sports betting culture and earn a large share of the market in the process.

Product features

  • Smart Bets: Betolio suggests bets between you and your friends based on your Facebook profile and activity.
  • Groups: Invite multiple friends to pick make their selections within multiple matches.
  • Live Bets: Think you know which team will score next? Bet on it.
  • Public Contests: Join public contests with all Betolio members for a shot at a big payout.
  • Bet Tracking: It's easy to see if you're winning, losing, or breaking even on your bets. Betolio rolls up all of your bets and presents them in easy to understand views.

Product use cases

Just think about how passionate sports fans share their infectious enthusiasm with family, friends, and even strangers. Imagine how many would make a bet with friends if knew there was a simple, fun, and free service online. Imagine the user numbers spreading like wildfire when casual fans, who have avoided online gambling until now, realize that they can bet their friends in safe and social environment. Imagine a platform where 100% of all money bet is back to the users – that is the dream of Betolio.

Team

Aaron McCoy avatar
Aaron McCoy Creative Genius
Aaron has over 14 years experience leading digital teams with a proven knowledge of creative strategy, vision, art direction, user experience design and front-end development. Having shunned the corporate world in 2008, he started his own interactive agency and has never looked back.
Christoffer Johansson avatar
Christoffer Johansson Corporate Magician
Christoffer is a young entrepreneur with several years of experience in project management and product development. He got his start in China where he was a trainee in a corporation outside of Hong Kong. Since then, he has studied and worked within a wide range of businesses in Sweden, Denmark, ... See more
Christoffer is a young entrepreneur with several years of experience in project management and product development. He got his start in China where he was a trainee in a corporation outside of Hong Kong. Since then, he has studied and worked within a wide range of businesses in Sweden, Denmark, Ireland, and Hawaii. See less
Michael Weber avatar
Michael Weber Digital Overlord
Michael has over 10 years of application development experience in everything from corporate, to startup, and back again. His wizards knows no bounds, and he is the super glue that binds Betolio together.

Market

Target Market

The online sports betting industry is valued at over $1 trillion each year, with 2 of 3 bets being made on football, and mobile apps driving much of the industry's growth.

While plenty of options exist for experienced gamblers, there is a large unmet market opportunity within Social Gambling. Facebook’s ad creation service shows our demographic constraints result in a potential reach of 120,000,000 active users. Betolio’s proof-of-concept advertising efforts to-date have reached over 100,000 users and generated over 10,500 likes.

Competitive landscape

Established players, such as Betfair Ladbrokes and Paddypower, have anywhere from 1,000,000 to 3,000,000 customers. However, they are not interested in social sports betting, they want to take the bets themselves.

Startups, such as YoubetmeSmarkets, and Joust, have raised over $7,000,000 in venture capital over the last few years, mainly due to the size and growth patterns of the market, the value of existing players, and the untapped potential that social media brings. However, they simply do not offer friends the ability to make real-money with friends on football.

Unique differentiator from competitors

Online bookies entice risky bets to pad their profits, but Betolio has no interest in betting against you. We are turning the tables on the gambling industry by allowing friends to bet with friends, and the house never wins.

We award 100% of all winnings to users, and never charging transaction fees. This keeps our focus on creating the best possible experience, rather than trying increase profits by ripping you off.

We leverage social media to suggest bets with the friends and clubs you actually like, creating an tailored experience unrivaled in the betting industry.

Company revenue streams

Any discussion of revenue begins with the amount of users we're able to attract. So to grow as quickly as possible, Betolio will launch as a free service. Anynone can sign up for unlimited bets with Facebook friends, and the winner keeps 100% of the winnings.

As our user-base grows, we will introduce premium features (such as group bets, live bets, and public contests) that require paid subscriptions. Based on data from similar subscription-based startups, 30% of users will be premium subscribers, and additional revenue will stem from advertising presented to free subscribers.

Product/service distribution

Betolio will be available on iPhone by fall-2016.

We grow our user base through targeted advertising efforts on Facebook (app downloads and page likes), as well as online advertising through Google.

Execution

Previous milestones/traction

The founding team has been hard at work for more than a year, and has accomplished many of the milestones required to launch a successful startup:

  • Prototypes
  • User Testing
  • Secured Initial Investment
  • Agreements for Legal Services
  • Incorporation as Public Limited Company in Malta
  • Developed iOS Application
  • Produced Promo Video
  • Launched Facebook Page with 10,500+ followers

Next key objectives

Betolio cannot be released to the public without first meeting the proper legal and licensing requirements. Therefore, our next steps are:

  • Close funding campaign
  • Complete development and submit for LGA for approval
  • Release to AppStore
  • Boost marketing efforts on Facebook
  • Release premium feature subscription levels

Previous Financing

Betolio secured an initial investment in July of 2014 for €100,000. This investment is being used to pay for legal, license, data feeds, and third-party online services in order to prepare the application for release.

Partnerships

Betolio is partnering with the following companies to help bring the best possible product to market:

  • APCO Pay – Secured Payment Platform
  • XML Sports Feed – Live Football Data Stream Provider
  • Twitter Fabric – App Analytic Reporting Service

Use of funds

Having already developed our backend system and iOS application, we are seeking this investment to fully fund Betolio for one year. These funds would enable us to launch Betolio publicly, accelerate the development of premium features, boost marketing efforts, increase our user base, and allow the team to focus 100% on the project.

Please refer to the documentation section to download financial projections and budgeting information.