Blue Ox Entertainment introduced its new social sports betting app called SideBets. The app has been developed for both the iOS (e.g. on iPhone 5) and Android (e.g. on Google Nexus Galaxy) platforms, business magazine Forbes reported on the online gambling news in United States.
The app does not feature real money betting, because American gambling laws would make it hard to fully allow such activity for social betting services. Instead, the application utilizes its own virtual currency, plus the usual social interactivity such as bragging and nagging on Facebook and Twitter.
SideBets’s revenue at the moment is generated by users who purchase virtual money to place bet on sports in US against other users.
The SideBets Social BETworking app features up-to-date real game lines and has the capability of following overall wins and losses. The application uses the slogan “Screw the Bookie, Bet Your Friends”.
Basically, SideBets is a peer-to-peer betting exchange. Jon Goldstein, co-founder of Blue Ox Entertainment commented: “Legally, we cannot be a broker of real money. However, a private bookie really is a perfect user.”
However, according to Goldstein, SideBets features the real betting lines from the leading bookmakers and uses real time scores of matches. And as such, the app has the potential to be used for real side bets outside its interface.
Goldstein claimed: “Out of all SideBets app downloads, we end up converting about 10 percent to active users.”
The co-founder odd the developer company revealed: “Among those active users, about 10 percent are heavy users (over 20 bets per week). We have had over 40,000 bets made by active users.”