Startup Puntaa is the brainchild of founder Jordan’s experience watching an AFL match with friends and realizing that that everyone was betting each other on various events. The betting game is marred by a series of frustrations with difficulties in placing a bet while watching a favorite spot. It’s become impossible to watch a sports broadcast without sitting through dozens of ads for one sports betting agency or another, and it’s far from easy to place a bet.
The founders noticed a market gap since there was no platform that allowed users to bet their mates, track those bets and easily pay the bets out. The result was the creation of the startup Puntaa that looks to change this trend by giving back the control to punters by allowing them to bet against friends rather than a faceless system.
The startup brings in a peer to peer social betting app that lets friends bet on anything from sports to inside jokes, with the ultimate aim of winning bragging rights in addition to cash. This creates fun, bonding with friends and sharing experiences under one platform.
The app works by having a user create an account and then add their friends. A user deposits money into their new account and makes bets from that cash. The user then goes ahead to create a bet by inputting the bet terms, amount they want to bet on, and then add the friends they want to bet with. The other user will receive a bet notification and can either accept, decline, or adjust the bet terms.
The bets are self-regulated by users where the loser has to manually transfer the money to the winner by clicking a button on the platform. Puntaa takes a 4 percent cut on the net winnings of each bet.
The startup is based in Brisbane and was founded by Jordan Oudejans, a racing trader and Puntaa’s industry expert, Nick Heaney, who handles the commercial and legal aspects of the business and Damon Oudejans, who is in-charge of care of branding, UI/UX, and product growth.
Puntaa was launched privately last weekend with the Android app set to be available in a few weeks, while the iOS app is currently under review to get on the App Store. The startup was accepted into the first muru-D accelerator at River City Labs earlier this year, receiving $20,000 in funding for 3 percent equity stake.
[Source] Brisbane startup Puntaa allows punters to bet against their friends for bragging rights
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