Startup Incinerator - Startup Incinerator
Bet ME
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 Aseem Singhal
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Describe of the value proposition
Bet ME is a low-cost online gambling website that caters to individuals looking for alternatives to traditional gambling sites where they can combine private betting with social interaction. By harnessing on these financial and psychosocial benefits Bet ME will ultimately create a sense of accomplishment, status and self-respect not yet seen in the industry.
Unlike traditional bookmakers, who take a spread on each bet made, Bet ME will only take a 50p transaction fee on each bet made between users (punters). Rather than being the “bookie” and having a potential exposure on the outcome of events Bet ME provides a “market-place” for online gamblers to set their own odds or accept odds offered by others. In doing so, Bet ME aims to provide the lowest transaction fees, encouraging users to make Bet ME their primary betting site. By coupling lowest cost transaction fees with ease of use Bet ME will also provide a secure, low-risk environment that will encourage new users to gamble online by choosing the category of their choice such as sports, financial and special interest (e.g. politics). Additionally, it will provide users the ability to follow specific players that have shown success in order to gain valuable insight and tag-along their bets to increase their chances of winning.
The primary market that Bet ME will target is the United Kingdom. This market has a historical cultural background in gambling and a combined online gambling industry of over GBP 2.5 billion which represents a small segment of the total gambling industry (GBP 75.4 billion is spent annually). Despite being a small segment it has experienced significant growth rates in previous years. Because of these factors we believe that the Bet ME team is well positioned to exploit the low cost gambling model across a range of technology including mobile platforms.
Through the use of non-traditional media such as social networking and content-sharing sites Bet ME will be able to engage experienced gamblers and new users alike generating curiosity for the new low-cost alternative. The network effect generated through the social networking sites and Bet ME will have a direct effect in the number of transactions made by these users. In addition, Bet ME will also capitalize on the existing interest for sports betting and low-cost alternatives at university campuses by organizing events that will get them familiarized with the brand in preparation for the go-live date.
Based on our forecasted annual revenue per user of GBP 180 and initial investment of GBP 400,000, we are projecting a first year profit of GBP 750,000 and a payback period of 10 months.
Unlike traditional bookmakers, who take a spread on each bet made, Bet ME will only take a 50p transaction fee on each bet made between users (punters). Rather than being the “bookie” and having a potential exposure on the outcome of events Bet ME provides a “market-place” for online gamblers to set their own odds or accept odds offered by others. In doing so, Bet ME aims to provide the lowest transaction fees, encouraging users to make Bet ME their primary betting site. By coupling lowest cost transaction fees with ease of use Bet ME will also provide a secure, low-risk environment that will encourage new users to gamble online by choosing the category of their choice such as sports, financial and special interest (e.g. politics). Additionally, it will provide users the ability to follow specific players that have shown success in order to gain valuable insight and tag-along their bets to increase their chances of winning.
The primary market that Bet ME will target is the United Kingdom. This market has a historical cultural background in gambling and a combined online gambling industry of over GBP 2.5 billion which represents a small segment of the total gambling industry (GBP 75.4 billion is spent annually). Despite being a small segment it has experienced significant growth rates in previous years. Because of these factors we believe that the Bet ME team is well positioned to exploit the low cost gambling model across a range of technology including mobile platforms.
Through the use of non-traditional media such as social networking and content-sharing sites Bet ME will be able to engage experienced gamblers and new users alike generating curiosity for the new low-cost alternative. The network effect generated through the social networking sites and Bet ME will have a direct effect in the number of transactions made by these users. In addition, Bet ME will also capitalize on the existing interest for sports betting and low-cost alternatives at university campuses by organizing events that will get them familiarized with the brand in preparation for the go-live date.
Based on our forecasted annual revenue per user of GBP 180 and initial investment of GBP 400,000, we are projecting a first year profit of GBP 750,000 and a payback period of 10 months.
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