VentureBeat

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.