How Two New Startup Companies Plan To Transform Sports Betting
With the Super Bowl LVI set to make new records in sports betting profit, the rise of sports betting into a world-leading sector of the entertainment industry appears to have arrived.
With it a whole new generation of innovative sports betting companies are constantly popping up. Amongst the abundance of lucrative burgeoning business, two particular startup companies have been turning heads with their own unique visions for the future of sports betting.
Finance and technology company DraftFuel has created an app that is designed to give what the company believes is the answer to what gamblers have always wanted and needed. Which is, a more responsible and guilt-free way to gamble.
The basic idea of the app is to use leftover change from everyday credit card purchases, reallocating it to a special sports betting account. The funds that accumulate in this account can then be used for betting, which could avert, or at least alleviate, the temptation to dig into much-needed savings and investments.
The company claims to have come up with this idea after surveying over 11,000 people and discovering that about 85 percent of them wished to have a more financially responsible way to bet.
In December of 2021, DraftFuel entered a partnership with Discover Bank through Falls FinTech, an accelerator program run by the Central Bank of Kansas City along with its subsidiary, Central Payments. This allows Draftfuel to offer a Discover Prepaid Card product, which the bettors can connect to their credit card and begin the process of collecting and transferring credit card purchase change.
The next startup company and their app comes out of Harvard University, where two students, Eliana Eskinazi and Mario Malavé, have, in a sense, married online sports betting with social media. Their product is called Wagr, pronounced “wager”, and is an app that aims to provide a more social platform for sports bettors, allowing them to place small casual bets amongst personal networks of friends, family, and close acquaintances.
Eskinazi and Malavé came up with the idea in 2018, when a law that barred self-regulating in many US states, the Professional and Amateur Sports Protection Act, PAPSA, was repealed by the Supreme Court. As people who enjoyed occasional recreational gambling, Eskinazi and Malavé were, however, alarmed at the speed and aggression at which new betting companies were popping up and pushing their markets. So, they decided to make their own product, an online platform design to be more social and fun for casual gamblers like themselves.
Wagr officially launched in January, and its creators believe that it provides a more human approach to betting. Rather than betting large amounts against the house of an uncaring online sportsbook or casino, the wagers are kept small, around $500 in limit. It also provides detailed information to the bettor about the odds and the safest route to take in their betting, though also discreetly handles all transactions so friends don’t have to track each other down to collect.
Whether the idea will take off or not or whether top casino online South Africa sites will follow suit remains to be seen. But the future of sports betting certainly looks intriguing.