The fate of InTrade, the on the net gambling website that shut down late Sunday, does not scare Jason Neubauer. The co-founder and CEO of YouBetMe is steaming forward with plans to launch his iOS app for social gambling subsequent month, taking the label “beta” off his web site and opening his neighborhood beyond the 5,000 that have been testing it.
He thinks he can steer clear of the kind of difficulty that befell InTrade (and Betcha before it) by avoiding any handling of money involving folks who use his website to bet with one another.
InTrade, an Irish site where customers could bet on anything in the climate to elections, posted on its internet site Sunday that it was shutting down and closing out all accounts amidst monetary irregularities and pursuant to Irish law. The site had already asked U.S. users to close their accounts in November, right after the Commodity Futures Trading Commission sued it for allegedly offering improper options trading.
“We never mess about with the transaction,” he told me. “The brand plus the vision is just taking betting to what it’s supposed to be, and that’s exciting.”
In place of taking component in bettors’ transactions, YouBetMe plans to produce its dollars through advertising and sponsorships.
Neubauer, who launched his business in October at the annual DEMO conference in Silicon Valley, says he’s determined to remain out from the kind of “gray area” that brought on troubles for the Irish enterprise.
“We’re actually all regarding the socialization of the bet,” he stated. “Look at it like a social blog.”
As for providing the kind of predictive evaluation that was the bread and butter of InTrade, Neubauer stated his firm was steering clear of that, as well. Instead, YouBetMe will crunch information to tell users what other customers are betting on in their region.
And he thinks despite the legal perils of on the web betting, there’s nonetheless a huge opportunity.
“To me, social betting is still seriously young,” he stated. “There’s room inside the industry for somebody to hit the residence run.”
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