betNow lets you bet on almost anything from your cellphone
updated
UK’s Balderton Capital, the venture capital firm that backed companies like social network Bebo and video game developer Codemasters, is hedging its bets again: literally.
This morning, mobile betting company, betNOW, headed up by a team of former Vodafone employees, said it has raised $5 million round in capital from the VC firm formerly known as Benchmark Capital Europe.
In only two steps, any Brit with a mobile can use betNow to start betting on a variety of events: horse racing, football, greyhounds, golf, motor racing, and tennis.
Users simply send a text to 89808 with their lucky team or event and upon receiving the follow-up text message, they can bet by selecting A,B, or C (choices ranging up to the letter K).
Bets are charged to the user’s phone bill — or a special betNOW account that allows for credit card and debit card deposits — and users can collect their winnings at a local post office after verifying their age online.
According to the press release, “Whilst other ‘remote’ gambling services rely on customers being technically savvy, having internet access and having a bank account; betNOW uniquely allows customers to bet from their pre-paid mobile phone account or phone bill.”
But before people cry foul and expect horror stories from those who cannot control their betting habits — betNow’s website explains that there’s a £300/month limit on betting using your mobile phone account, but a £1000/month limit using a personal betNOW account.
United States bettors can hold their horses for now — betNOW has “stringent verification” and will not allow bets from the US according to Powerscoutmedia, betNOW’s PR firm.
David Adewumi, a contributing writer with VentureBeat, is the founder & CEO of http://heekya.com a social storytelling platform billed “The Wikipedia of Stories.”
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About the Author, David Adewumi
David Adewumi, Founder and Chief Storyteller of http://heekya.com, leads the overall vision and product strategy for the start-up dubbed the ‘Wikipedia of Stories.’ For the past year, he has been a contributing writer for VentureBeat, with a focus on digital music and social start-ups. Previously, he led sales & product development for Lomic, Inc. an oil & natural gas software firm. David has served in the US Army as an Airborne Infantryman, before being appointed to the US Military Academy at West Point. He attended the Pennsylvania State University, where he pursued a degree in Economics.