Online sports betting platform Favourit has emerged from its public beta today, launching a Series A funding round and an iOS app that it hopes will attract new users and licensed betting operators.
Favourit is an online hub where fans can place bets on multiple sports including American football, soccer, tennis and boxing. Users can select from any of the fixtures taking place later that day and bet on a number of different outcomes, such as the final result and who will score first.
The platform uses a virtual currency called “Favourit Caps”, which are increased each day to ensure that users never run out of credits (at least for too long). There’s also support for a number of third-party licensed betting operators, such as Paddy Power in the UK and its Australian subsidiary, Sportsbet.
Favourit doesn’t facilitate any of the transactions here, but does allow users to connect their existing accounts and credit through the platform. It’s a smart addition not only to help the company create revenue, but also attract people who are interested in playing with real stakes.
The new iOS app promises to make it even simpler to place bets, view live scores and track leaderboard rankings. The user interface is similar to the Favourit website and includes some of its most successful features such as TipTracker, which gives users a quick overview of global betting trends across the platform and Bet IQ, the overarching metric applied to user profiles.
Favourit has received over $3.6 million in funding to date. Co-founders Toby and Josh Simmons are formally opening a Series A round today, however, to accelerate its international expansion. Given that the platform is already available worldwide, presumably this means partnering with additional betting operators.
Favourit says a number of European market operators will be integrating with the platform in the coming months. While these will sit alongside the existing licensed operators, the company has also hinted at the possibility of co-branded platforms, presumably to target fans of certain sports or from specific locations.
“Social media platforms have changed the way we communicate on so many levels, and Favourit harnesses those capabilities for sports fans, giving them a new way to discuss their teams, see the latest trends and stats from experts, and place virtual or real bets to increase the excitement of following the sports they love,” Toby Simmons, CEO of Favourit said. “While there’s nothing better for sports fans, this is also the future for sports betting operators.”
The app is available for free right now in the App Store.
➤ Favourit | iOS
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