Startup Profile: Betolio

Betolio is a tech startup company that operates as a mobile application connecting friends and let's them make real money bets with each other on sports.

1. What are the names of founders, their management roles, and how many full-time paid employees do you have?

Aaron McCoy - Creative Director
Christoffer Johansson - Business Director
Michael Weber - Technical Director

2. Do you have external funding or are you bootstrapped?

We raised approximately 400€ through the an equity crowdfunding campaign in May 2016.

3. What problem do you solve and for what industry?

The online sports betting industry is valued at over $1 trillion each year, with 2 of 3 bets being made on football, and with mobile apps driving much of the industry's growth.

While plenty of options exist for experienced gamblers, there is a large unmet market opportunity within Social Gambling.

Unlike online bookmakers, Betolio has no interest in betting against our customers. Betolio connects friends and fans together, and let them make real money bets with each other on football.

We award 100% of all winnings to the user, and we do not charge a transaction fees for ourselves. This keeps the company focused on creating the best possible experience, rather than devising ways to increase profits by taking away from our customers winnings.

4. How do you make money, what is your business model?

Any discussion of revenue begins with the amount of users we're able to attract. So to grow as quickly as possible, Betolio will launch as a free service. Anynone can sign up and make unlimited bets with their contacts, Facebook friends, and other users of the app, and the winner keeps 100% of the winnings.

As our user-base grows, we will introduce premium features (such as group bets, live bets, and public contests) that require a paid monthly subscription. Based on data from similar subscription-based startups, we expect 30% of users will opt in to a premium subscription model, with additional revenue derived from advertising, 3rd party product affiliate placement, corporate sponsorships, and the sale of Betolio merchandise.

5. Why do you think the value you're creating is so important that customers are willing to pay for your solution?

Betolio gives football fans want they want – a truly social betting experience – and it’s going to be huge. The online gambling industry has avoided becoming social, because they want to keep the profits for themselves. Think of Betolio in terms of being the Airbnb of online gambling — we have taken a large and profitable corporate business model, and are bringing it down to a level where the users are in control. Power to the people!

Just think about how passionate sports fans share their infectious enthusiasm with family, friends, and even strangers. Imagine how many would make a bet with friends if knew there was a simple, fun, and free service online. Imagine the user numbers spreading like wildfire when casual fans, who have avoided online gambling until now, realize that they can bet their friends in safe and social environment. Imagine a platform where 100% of all money bet is back to the users – that is the dream of Betolio.

6. Do you have paying customers or some sort of external validation?

No paying customers. We have attracted over 13,000 followers through social media, and over 130 investors through crowdfunding.

7. Who is your local and international competition?

Nonexistent.

There is one company attempting a solidarity business model, but they are launching in the U.K. only.

8. What is the biggest challenge you need to solve in the next few months?

Betolio will be available on the App Store in Sweden as soon as March 1st. Will will focus on gaining as many active users as possible, while preparing to lunch in a second country's market by May.

9. If you're hiring, why should anybody join you?

Not currently hiring.

10. Are you looking for external funding? If yes, how much and for what?

We are not currently looking for funding, but are planning to launch a round later in 2017 for an undetermined amount.