Can Betconnect really change the betting industry in 2019? It’s a big question which we’ll look to answer in this article.
It’s not very often that a new betting company launches with such an innovative betting model. However, Betconnect has done just that.
Earlier this year (2019), Betconnect launched its platform having been in beta testing for a number of months. All in, it took the team and designers over 2 years to develop the platform.
Betconnect is the only social betting platform that allows punters to copy the trades of professional gamblers.
In their press release, Betconnect claim to be the first breakthrough innovation in the betting industry since Betfair created the betting exchange back in 2000.
I certainly think there’s some merit to that statement and Betconnect is looking to change the betting industry for the better.
They are ‘eToro’ for betting. If eToro is new to you, it is a platform which basically allows you to copy investments made by professionals and those in the knowledge.
What’s the aim of Betconnect?
Betconnect aim to level the playing field between bookmakers, amateur punters and professional gamblers.
In their own words, Betconnect is ‘letting ordinary punters follow the bets of professionals’.
For too long, the bookmakers have had complete control over the betting marketplace. Closing accounts of successful punters and winning millions from amateur punters with no knowledge or experience.
The great thing about Betconnect is that their platform accepts gamblers from both ends of the spectrum. You’ve got absolute newbies at one end and serious betting professionals at the other, as we’ll look at next.
Allow professional gamblers to the table
One of the most eye-catching aspects of the new Betconnect platform is that they allow professional gamblers. These experienced gamblers have typically been restricted by traditional bookmakers as they were too successful.
I’m sure many of you reading this article know how often the bookmakers’ close winning accounts. If it’s not happened to you, you’re very lucky.
Well, at Betconnect things are different. They allow these frustrated gamblers to once again take part in betting.
As we know, accounts restrictions and bans are commonplace in the betting industry meaning Betconnect will certainly appeal to a wide audience at the professional level at least.
The question is whether they can draw enough inexperienced punters to their platform. They help achieve this by letting punters follow the trades of the professionals.
These professional gamblers create bets for punters to follow or lay. If a punter chooses to follow a certain bet, called a Bet Request, and the pro goes on to win, so will the punter.
Pros create and send their bets to the platform and the algorithm then intelligently circulates the bet to punters depending on their personal preferences.
The platform covers all major sporting markets meaning there’s always something to bet on.
Value for both Pros and Punters
So we know there’s something in it for the Pros but where do the punters come into the equation? There needs to be value for the punters or else they won’t join in.
As Betconnect is a betting exchange, they need two parties to match their bets. They need someone to back a bet and someone to lay the same bet.
When a pro creates a Bet Request, the system sends it to punters to lay the bet. That’s how the platform works in the simplest form.
If the punter wants to bet against the pro, they can stick with the lay bet. In this scenario, the platform essentially works like a normal betting exchange. The punter would win if the pro loses and vice versa.
However, if the punter thinks the professional is correct, they also have the option to follow the bet. The platform suggests the required steps to follow the bet at different bookmakers, potentially at better odds and with a higher stake.
Checking Pros stats
As Betconnect is a social betting platform, they allow punters to check the history and stats of a pro. This means punters are not entering the market with no knowledge. Punters also have the option to reject a Bet Request if they feel it’s not for them.
Punters can also alter the settings in terms of what Bet Requests they receive and from which Pros. This adds a layer of flexibility for those with less experience.
Will Betconnect alter the industry as Betfair did?
As I mentioned earlier, It’s been a long time since any betting company has developed and launched such an innovative platform. The last company to do so were Betfair and we all know how that panned out.
It’s difficult to know exactly how great an effect Betconnect will have on the industry, but one’s thing’s for sure. The future looks very bright for the UK based betting company.
What challenges will Betconnect face?
Betconnect has a lot going for it. However, as with anything, there are always things to consider. If punters follow Betconnect’s Pros and copy the exact bets they place, what’s to stop the bookmakers closing down the punters’ accounts?
They banned the professionals for a reason. So you would have thought they’ll do the same to the punters.
To some newbies, the Betconnect platform may seem a little confusing. However, the team have worked hard to create helpful user guides and videos to explain how the betting model works.
As more people start using the platform and share their experiences, this will only help. As it’s such an innovative model, Betconnect will also be learning all the time.
Should you sign up with Betconnect?
Overall, Betconnect is certainly one to keep your eye on and I think the future is very bright. It’s great to see a betting company finally looking at the whole picture in order to level the playing field between the bookies, players and Pros.
I’d certainly suggest you sign up and see what it’s like.
]What do you think of Betconnect? Have you already signed up? Let me know by leaving a comment below right now.