Favourit, a Melbourne, Australia-based social sports betting platform, has launched globally today with the unveiling of a free iOS app to compliment its existing web and mobile HTML apps. The app was created to provide sports fans and bettors with a unique platform to wager virtual currency or real cash (in the jurisdictions that permit such wagers) through Favourit's integration with some of the world's top betting operators, including Paddy Power, Sportsbet.com.au and Luxbet. A key to the service is that Favourit does not facilitate the real currency transactions; instead, users tap into their existing accounts through betting operators to place bets through the Favourit platform. Favourit serves as the engine that makes the betting social.
The company was co-founded by Toby Simmons, a 26-year-old entrepreneur who serves as CEO. "The biggest advantage of my age in this role is the ability to see the industry and opportunities differently to those who've been stuck with rigid, outdated views for long periods of time," said Simmons to FORBES. "'Social' comes naturally for our generation."
Simmons is not alone at the top of this burgeoning young company. Favourit's Board, chaired by Martin Dalgleish, formerly CEO of New Media for Publishing and Broadcasting Limited in Australia, has already overseen the acquisition of $3.6 million in funding for the start-up. The capital came from angel investors, friends and high net-worth individuals. According to Simmons, Favourit just launched a Series A investment round and has received strong strategic interest from around the globe based on what he believes to be a substantial market opportunity.
The market opportunity can be boiled down to this: Favourit wants to be the Facebook for the sports betting world, creating a central hub for sports fans, their friends and licensed betting operators around the world to demonstrate their skills and knowledge about the most popular professional sports, including the NFL, NBA and soccer. The app allows users to place bets, get live scores, receive unique insights about games from expert tipsters and track leaderboard rankings. There is also a "TipTracker" feature, which analyzes betting activity in real-time and gives users a snapshot of global betting trends. Further, Favourit has developed a technology that determines participants' "Bet IQ", based on an algorithm which ranks members on their betting success and historical performance to identify savvy pundits with a proven record of predicting winners. Simmons believes his application will be very enticing to brands and advertising agencies that are always looking to capture the 20-35 year-old male demographic.
According to Simmons, the next stage of Favourit's growth is focused on internationalization of the service by enhancing the native Apple and Android mobile applications and providing new features that offer members richer data and insight. He also plans to use the multi-million dollars in funding to further integrate the Favourit technology into its bookmaker partners' websites.
One possible concern held by those in the United States is that Favourit contravenes U.S. laws that prohibit the wagering of money on sports matches. Simmons says that the app will not allow real money wagering functionality to be accessed by U.S. constituents, but that customers in the U.S. and other regions, where online gambling is restricted, will be able to use Favourit's free virtual currency and may still benefit from the full suite of valuable insight and knowledge that Favourit provides.
Darren Heitner is a Partner at Wolfe Law Miami, P.A. in Miami, Florida, Founder of Sports Agent Blog, and Adjunct Professor of Sport Agency Management at Indiana University. Follow him at @DarrenHeitner and learn more about him at http://www.darrenheitner.com.
