Ok I have to admit I'm not the unique inventor of social betting on earth. And you know what? That's good news! Here is a overview of past and existing services that are more or less linked to social betting. Although the following websites don't call themselves that way they offer some of the core features I'd like to offer.
1/ "Forecasting for fun" services
Those websites enable you to make predictions on various events.
My Pronostic is French and enables you to sell your predictions as you become an accurate forecaster. They raised 500 000€ in July 08.
sport4fun is also French and lets you predict and bet for free (and hopefully for fun!) on sport events only.
What you'll like: They provide players with many popular events.
What you might not like: You can't create the event you want to play on. You can hardly get in touch with other members, not to say challenge them.
2/ Social news forecasting services
Those services let you do predictions on pieces of news. You can either use existing news and predict them or you can create your own question and let the community predict the answer.
Hubdub is Scotish and has partnered with major news providers such as The Independant and Reuters.
Predictify is American and lets its users win cash on "Premium" questions. Predictify charges Premium-question askers a fee and share this fee with predictors based on their accuracy. They raised 4,3 M$ from VCs in March 08.
What you' ll like: You can create your own question. They have very cool social features.
What you might not like: The concept is a little hard to understand. Prediction is not quiet as exiting as betting!
3/ Social "daring"
Elevator pitch: "Jackass meets Facebook". Members dare each others to do (silly and dangerous but funny) things.
Bragster is English and rely on video to let members illustrate their answers to dares. They raised 3,5M$ from VCs.
What you'll like: a cool design and some very funny youtube like videos.
What you might not like: Set your balls on fire (Well I know some who might like that).
4/ Social betting
Well you already know the elevator pitch. A social betting platform lets its members bet (and not predict!) against friends and/or members of the community on any event they fancy.
RIP Flutter was the first social betting platform but it got swallowed by huge betting exchange platform Betfair. They actually do Rest in (Rich) Peace. They had raised 44M$ in 2000! (oh that's why!).
Dotblu is based in the US and include many other free social games. It has a cool design and social features but people tends to ask weird question (vs actual events to predict on) such as "Is Edward Cullen hot or not?". They raised 2M$ in Dec 08.
Pikum is based in the UK and is focusing on football. They have very cool social features. For example you can create private leagues with friends. Plus you can bet real money. They raised 2,6M£ from VCs in March 08.
Smarkets is still in private alpha but their blog makes it pretty clear that you'll be able to bet real money on their "betting exchange platform that is easy to use and social". They raises 100k£ in June 08.
1jour1pari is French and is more about free (and not that much social) betting.
Betsetter is also French and is closer to the concept of social betting with Private and Public bets but in a very old design and with very poor not 2.0 social features.
Those website and especially the French ones will hopefully be my competitors. Although I think the website we are working on will clearly differentiate itself from those services both in terms of design and features, I do respect the fact that they actually have a website while I'm still "under construction"!
More seriously I think this review is a very positive message for the project and to the people I'm trying to involve in it. Some of those start up are very "well funded" showing that there are people who are willing to invest in the sector. And some of them were able to build pretty large communities of players in just a few months proving that there is an actual demand for those services.
In a time where we see many Internet companies start "up" their business on non existing market it's good to actually relate to the huge betting industry.