Betnow Scores First Funding For Mobile Text Gambling January 7, 2008
London-based mobile gambling service Betnow has scored a first round of funding from Balderton Capital and angel investors. The amount is under wraps for now but is known to be healthy for a first round. Founded by Vodafone (NYSE: VOD) mobile data app alums Robert Urwin and Mike McCartney plus former Home Office IT developer Malcolm Slater, Betnow allows users to place bets on football, golf, horse racing, dog racing and tennis matches by sending SMS text messages to 89808. Betting instructions can be written out using English language; payment is handled via the mobile contract or via a bank account; winnings can be collected from a customer’s local Post Office branch.
The funds will be used to “launch the service in the UK and accelerate product development, with the goal of establishing betNOW as the UK’s leading mobile betting service”. Betnow is operated by the trio’s Open Vantage holding company, which recently took Motricity’s Hugh Fahy as COO and Sainsbury’s Simon Gibson as finance director. Balderton’s portfolio also includes the much larger Betfair, Bebo and private loans site Zopa.
Mobile gambling was forecast to be worth $1.3 billion in 2007 and $26 billion by 2012, according to a Juniper Research white paper released in October, with the UK outlook looking particularly good thanks to recently relaxed regulations on advertising.
Via paidContent::UK
- Posted in : Uncategorized, Mobile Marketing, SMS News, Mobile Technology
- Author : Roni
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