Funding Online Casino Gambling

29 April 2013 – By Huseyin Yilmaz

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Recent studies taken by leading research firm SuperData show that social gambling in all its forms is set to be the next big thing. Their report forecast that annual revenue from real-money social games would reach a peak of about $2.4 billion by the year 2015. The researchers also found that the average social gambler already spends almost double the amount of cash-free social game players. The figures came up without taking into account the previous absence of social betting and the fact that only now several states in the United States are beginning to relax their laws regarding online casino gambling.

Seems like the social betting industry’s boom is imminent as a little-known gambling site has received almost $3 million in funding for a social betting project. The latest news from the private investment community show that BuddyBet, a recently founded Czech Republic-based online gambling company, received $3 million in funding from private investors to promote its social betting site. In short, BuddyBet is a social betting site where people bet against each other rather than against the website itself. That makes their service different from that of regular online sportsbooks, which allows users only to bet against the house.

There are three types of bets you can make on the BuddyBet site: direct bets, open market bets and external link bets. A direct bet is a bet you offer directly to another individual or group. Anyone you're betting against on the site is called your "foe" and you can challenge a foe or multiple foes to a bet in a couple of ways, either through the BuddyBet site if they’re already a member, or by inviting them by sending the challenge to them via email. Users can compete for "BuddyBucks" or just for the thrill of beating their friends. Besides that, online casino players can challenge friends, family and colleagues through their Facebook page or other social networks. If you love to gamble from the comfort of your own home or anywhere you are using your mobile devices, through this new project you will set your own odds, choose your own stakes and, in the future, you will even be able to create your own custom bets based on anything you choose.

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