Mobile betting news

Betnow Secures Funding for Mobile Gaming Plans

On January 3rd, 2008, Britain based mobile betting service Betnow has scored initial funding from Balderton Capital and angel investors. The exact amount is still undisclosed but it is known to be a good one for an initial funding. Started by Vodafone mobile data application alumnus Robert Urwin and Mike McCartney together with Home Office Information Technology developer Malcolm Slater, Betnow can now offer users to place their wagers on their favorite sporting events like football, golf, horse racing, dog racing and exciting tennis matches by sending a text message to 89808.

Wagering instructions can be written out with the use of the English language. Payment can be done with the use of a mobile contract or with a bank account; winnings can be receive through a player's local post office. The money will be utilized to debut the service in Britain and to fast track product development with the objective of establishing betNOW as a solid mobile wagering service in Britain.

Betnow is currently managed by the trio's Open Vantage holding organization, which recently hired Motricity's Hugh Fahy as Chief Operating Officer and Sainsbury's Simon Gibson as the finance head. Balderton's business portfolio also includes the much bigger Betfair, Bebo and loans site Zopa.

Mobile gaming is predicted to grow at $1.3 billion in 2007 and $26 billion by the year 2012, according to a study done by Juniper Research that was released last October with the British prediction looking well, mainly due to the loosing of the regulations on gaming.

 

17 2008

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