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Betromo AB

QuizBet, first Quiz App built for real money games

QuizBet is the first ever quiz app built for money games! There are hundreds of millions of quiz app users playing quiz apps on a regular basis. But no app offers real money games. Not until now…..

With QuizBet we're introducing a new level of excitement. You can now place bets on your knowledge, challenge your friends, family or a random opponent in a safe and fun way and win real money.

Our revenue model with money games will generate higher revenues per player than any other quiz app on the market.

Download QuizBet on Swedish App Store or www.quizbet.se.

Investor proposal

We estimate the world market to more than 500 million players and we expect a very interesting and profitable journey. We are looking for investors who would like to join us on our mission to make QuizBet the world's most profitable quiz app.

QuizBet has a bright future and we are planning for a possible exit within 4-5 years through IPO or M&A.

Founding partners holds 50,000 A-shares and we are emitting 10,976 B-shares to new share holders.

B-share 1/10 voting power to a A-share.

Please see Shareholder's Agreement under documents

Product

The problem this product solves

Some years ago, the first quiz apps began to appear on the market. Since then it has been a huge interest among users.

The founder of QuizBet regularly played mobile quiz apps – After a while he craved for some more excitement. There was not enough of a thrill and not enough tactics in the games. People like to make strategies and they need some twist to the game. Just winning the honor is fun for a while, but if you want to keep the users, you have to let them bet something.

How the product solves it

We have developed the first ever quiz app built for money games, which also will make it the most profitable quiz app. QuizBet offers games with both imaginary currency and real money. A user friendly design and the possibility to make strategies to beat your opponent’s weaknesses will make it interesting to download and play.    

The most important thing is the betting system. When you can win or lose something more valuable than just honor it makes a significant change to the excitement level in the game. Knowledge will pay off.

Product features

While the core of our business model is money games there is also an opportunity to play without risk and make bets with our imaginary currency. This is to attract quiz players to try out QuizBet and consequently make the next step to play for real money.

The player can see what topics their opponents are avoiding and can use it to their advantage in building strategies. They can also double their bet during the game to make it even more thrilling. There is always a winner. Sudden death rounds will break a tie.

Product use cases

There are users all over the world who play quiz apps. Meanwhile, a lot of people like to bet money in games and it does not always matter what game it is, they just like some excitement.

It does not have to be so comprehensive, the users can play whenever and wherever they are. They do not have to finish the round immediately which make it easy to just take ten minutes on the bus to answer some questions and then continue the day after.

Team

Bengt Nedholm avatar
Bengt Nedholm CFO (Founding Partner)
He is a serial entrepreneur who holds a M.Sc. in Industrial Engineering & Management from Chalmers University of Technology. Bengt has long-term experience in successful entrepreneurship and he is the creator of QuizBet's business concept. He was a pioneer who succeeded with the impossible in the early 1990’s – to ... See more
He is a serial entrepreneur who holds a M.Sc. in Industrial Engineering & Management from Chalmers University of Technology. Bengt has long-term experience in successful entrepreneurship and he is the creator of QuizBet's business concept. He was a pioneer who succeeded with the impossible in the early 1990’s – to successfully start up and run a company in Eastern Europe after the fall of communism. During 15 years in the company Nedholm Design, he designed and manufactured interior furnishings for to wholesalers and retailers across Europe and Asia. His entrepreneurship has been very successful in many ways over the years as he has experience in starting, building and selling companies in Sweden as well as internationally. See less
Magnus Holmberg avatar
Magnus Holmberg CEO (Founding Partner)
He is an entrepreneur and holds an M.Sc. in Industrial Engineering & Management from Chalmers University of Technology. Magnus competitive drive has rewarded him with six European and World Championships medals in Olympic sailing when he was a professional sailor. He has a valuable experience of building successful teams and ... See more
He is an entrepreneur and holds an M.Sc. in Industrial Engineering & Management from Chalmers University of Technology. Magnus competitive drive has rewarded him with six European and World Championships medals in Olympic sailing when he was a professional sailor. He has a valuable experience of building successful teams and organizations that deliver results to set objectives in complex projects. Magnus is also the founder of Match Cup Sweden, one of Sweden's largest annual sports event with over 100,000 visitors. See less
Peter Nyberg avatar
Peter Nyberg CTO (Founding Partner)
He holds a M.Sc. in Computer Science and Engineering from Chalmers University of Technology. Peter has experience from leading development of apps for multinational companies. He is one of the founders and COO at the IT company Ajilon Consultants. Given that he has more than 15 years of experience as ... See more
He holds a M.Sc. in Computer Science and Engineering from Chalmers University of Technology. Peter has experience from leading development of apps for multinational companies. He is one of the founders and COO at the IT company Ajilon Consultants. Given that he has more than 15 years of experience as a System Developer and IT Architect, he has become the engine and architect behind the software development of QuizBet. He manages our development on a daily basis. He has for instance worked for Ericsson, Vodafone, 3, Telia Mobile, Ericsson Radio and Volvo Cars which has provided him valuable experience of developing mobile applications and systems. See less
Jonas Nyberg avatar
Jonas Nyberg Business Developer / Growth Manager (Partner)
He holds a Master of Science and Engineering (M.Sc.) in Engineering Physics from Chalmers University of Technology with major in Data and Business Analytics. Jonas has a professional background from having built several international businesses in various geographical locations and industries. In QuizBet he is a lateral thinker and energizer ... See more
He holds a Master of Science and Engineering (M.Sc.) in Engineering Physics from Chalmers University of Technology with major in Data and Business Analytics. Jonas has a professional background from having built several international businesses in various geographical locations and industries. In QuizBet he is a lateral thinker and energizer in discussions about user experience, profitability and how we work with our user base. See less

Market

Target Market

Quiz games in general have been very successful over the last several decades on TV-shows, in newspaper and quiz games in pubs. In recent years the number of quiz apps has increased rapidly. The three largest quiz apps have more than 100 million players, this without being able to offer money games. We estimate the world market to more than 500 million players.

The quiz app market is a well defined and quite a mature market. We will target quiz app players who want to raise their excitement level through real money betting on their game.

Competitive landscape

There are quite a few profitable quiz apps in the world with a revenue model like freemium and in app purchases.

  • For instance, Quizkampen was launched in 2012 and are now available in 20 countries in total. Between 2014 and 2016 they made a total of EUR 32 million in revenues and EUR 17 million in profit. In October 2017, Quizkampen was sold to a mobile game developer and publishing company for an undisclosed amount of money.

We have not found any quiz app that has the same business model as QuizBet. Therefore, we do not see any direct competitor.

Unique differentiator from competitors

First and foremost, QuizBet is the first ever quiz app built for money games. It is also unique that the users can see their opponent's progress in the game. We can offer an app that is more innovative, attractive and exciting than existing apps on the market. We believe we can attract not only quiz players but also gamblers. Betting on your knowledge is really what sports betting is all about. We are a first mover on a new quiz betting market that is generating higher LifeTime Value of our players than the traditional quiz app.

Company revenue streams

QuizBet’s main revenue is a "Rake" of 5% of the winnings. That means that the winner gets 95% of the stake and QuizBet gets 5%. This is the industry standard for poker apps that have a smilar revenue model to QuizBet.

There are also revenues from “in app advertising” since we have advertising for those who play with our imaginary currency. But the potential revenue from advertising is small compared to the revenues from the rake. Therefore, we do not want to annoy players in the money games with advertising.

Product/service distribution

As of now, QuizBet can be downloaded from Swedish App Store. Android users can download the app fromwww.quizbet.se, we are still waiting for access to Google Play (currently allowing real money gaming apps on Google Play in Great Britain and France as a test). QuizBet has a higher average Lifetime Value of the users comparing to other apps, which enable us to spend more money on marketing and still be highly profitable.

Ads on Facebook, Instagram, AdWords and Display
  • Ads to target specific audiences and increase downloads.
  • Ads targeted to existing users in order to increase game frequency.

Execution

Previous milestones/traction

  • 2015 August - Creation of the original game logics and business model of a quiz app with money games.
  • 2015 November - Establishing the company Betromo AB.
  • 2017 January - We launched a QuizBet beta version with only imaginary currency on App Store and Google Play.
  • 2017 April – In April it was obvious the results exceeded our objectives in user acquisition and engagement, this without our usp - money games. We started to develop the money game functionality.
  • 2017 October13 - QuizBet launch of the world’s first quiz app developed for money games on Swedish App Store (with Swish).

Next key objectives

Our strategy is to use Sweden as a test market to expand our user base and optimize our digital marketing strategies and user experience to meet our KPI objectives: Cost per user download, conversion rate, retention, average LifeTime Value, etc.

  • 2017 January – Launching QuizBet on the Swedish market with proper marketing resources.
  • 2018 September - Completion of a second round of investments, raising EUR 1.5-3.0 million in capital.
  • 2018 September - Launching QuizBet in the United Kingdom.
  • 2019 - Launching QuizBet in India, Canada and Australia.
  • 2020 - Launching QuizBet in Spain, Argentina and Mexico.

Previous Financing

Shareholder’s contributions and share capital from the original founders totaling SEK 1,5 million.

Partnerships

Swedish payment solution Swish.
For future international launch: PayPal, Skrill etc.
Ongoing discussions with possible affiliates.

Use of funds

Funds will be used to properly launch QuizBet with money games on our test market in Sweden:

40% will be used for developing the app and server functionality to optimize the user experience, user retention, user conversion rate to money games and average LifeTime Value of our users.
 
45% will be used for digital marketing, to build our user base and build strategies to lower our acquisition cost per user.
 
15%miscellaneous: administration, legal etc.

Industry Certifications/Awards


Return on Investment


We estimate that the company will be profitable during 2020.

We see three possible scenarios depending on future developments:
·      Sales of all or part of the QuizBet platform to a competing Quiz App company, where significant synergies can be exploited.
·      Sales of QuizBet to a gaming company with a mobile betting platform.
·      Listing of QuizBet on stock exchange as a multinational quiz and betting company in 2022. 

Risk Analysis

  • When QuizBet will become successful there will most likely be other quiz app companies following in our footsteps. However, trying to just add money games to an existing quiz app will not be a good user experience. The app has to be very safe to have games with real money and therefore it has to be developed for money games right from the start.
  • Cheating is something that some people will be trying to do. We will avoid cheating by high security, adjusting the response time, make questions that are hard to google, use encrypted information and investigate abnormal gaming.