Betsold Launches eBay for Betting.
Manchester tech firm Betsold has launched a new platform described as 'eBay for betting.'
19:00 07 July 2019
The auction system, which cost £2million to develop, is based on games of chance. Once a bet has been placed, the owner is allowed to place that bet on the Betsold auction platform to try and sell it to the highest bidder.
CEO and co-founder of Betsold Nicola Young said: “Driven by changes in technology the betting market is one of the most dynamic and fastest growing sectors in the consumer world,”
“Together with all our partners we believe this concept, which is a world first, will gain traction with the betting community pretty quickly.
“Someone described it in the focus groups as a sort of eBay for bets while others thought it added a game within a game and they liked being in control of the sale price in the auction instead of the existing cash out process where the price is controlled by the bookmaker.
“We have a great example during the Women’s World Cup when someone had Scotland and Argentina to draw at 11/4.
“After 70 minutes this bet looked over and was in the auction but by end of the game it was a winner.
“It sold in the auction above the original stake paid, so the seller was happy and the buyer was happy as both made a profit.”