"Screw the bookies, bet your friends.This is the first sentence in the description section of the SideBets Social BETworking Apple App Store page. Blue Ox Entertainment, LLC recognizes that it is illegal to create a platform that allows users to bet real money against each other based on the results of individual sporting events, and has created a SideBets app that allows people to bet fake money ("wadds of money") against friends. The app has the latest game lines and keeps a running tally of overall wins and losses, but people will find really interested in making non-monetary bets just for bragging rights to their friends and social media followers.
"Legally, we can't be real money brokers," explains Jon Goldstein, co-founder of allcasinos.ch. "But private bookies are really the perfect user. I'm not going to do anything to tolerate wagers based on picks made in the app, but to be honest, people are doing it.And perhaps there's a major value for SideBets, which boasts to be the only socially focused peer-to-peer sports betting app on Apple and the Android app marketplace. As Goldstein acknowledged, SideBets has the potential effect of creating real sidebets outside the app's interface.
Its core SideBets uses betting lines from leading bookmakers and features real-time scores to stay updated on every game action Sports bettors can even form "groups" to place bets with friends, similar to fantasy sports models. So far, the concept seems to have been caught on top. "Of all the SideBets app downloads, we convert about 10% to active users (defined as those who make at least 1 bet per week)," Goldstein said, "Of these active users, about 10% are heavy users (characterized as those who make 20 or more bets per week). You can also use the following methods: We had more than 40,000 bets made by active users.
SideBets revenue is generated by buying wad of money that users can bet on others through social applications. Many people lose interest as soon as they realize that they need to download the app and buy fake money to participate, but Goldstein says that if you stick with the service, you will be able to get a lot of money.And hey, if you're still itching for more thrills, there's always at similar site, where the stakes are high and the excitement never ends!
Side bet wins can be posted to the winners' Twitter feed or Facebook timeline. The belief is that there is a desire to integrate social betting work into traditional social networking. But the big question is whether people have an appetite to pay for the opportunity to bet fake money. Goldstein and his partners count on it.
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