A new iOS and Android social sports betting app titled Sidebets, was launched by Blue Ox Entertainment, LLC, but because of the US law it is unable to engage in real money activity and has to depend on virtual currency and the social and bragging interactivity on sites like Facebook and Twitter.
Based on a peer-to-peer betting exchange model, SideBets Social BETworking app provides up-to-date real game lines, keeps a running tally of overall wins and losses, and has a promotional slogan “Screw the Bookie, Bet Your Friends”. Sports bettors can even form “groups” to make wagers with their friends, similarly to the fantasy sports model.
As Jon Goldstein, Blue Ox Entertainment co-founder, said: “Legally, we can't be a broker of real money. However, a private bookie really is a perfect user."
According to him, SideBets has the potential to create real side bets outside of the app's interface, because in essence it appears to be a personal sportsbook that uses betting lines from the leading bookmakers and features real–time scores to stay updated on all the games' action.
”Out of all SideBets app downloads, we end up converting about 10 percent to active users. Among those active users, about 10 percent are heavy users (over 20 bets per week). We have had over 40,000 bets made by active users,” said Goldstein commenting on the app's popularity.
And the fact is that users purchasing virtual money for wagering against other users actually generate SideBets' revenue.
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