How it works

Betsold how it works

How the Betsold system works

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    Betsold is a white label product.
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    All users must be registered with a bookmaker who is running the auction.
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    Bidding and listing bets is free.
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    Winning bidders and sellers pay a 5% commission.
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    When a bet is listed via a bookmaker account, it is verified as ‘real’ via the bookmaker API, and the bet is entered into the auction.
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    Users can stipulate end times and also have a ‘buy it now’ option.
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    The platform is highly scalable and will be able to accommodate multiple languages, time zones and currencies.

Benefits to bookmakers

As well as adding an exciting new feature for customers, a selection of other benefits includes:

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    Profit growth – the auction is fully configurable to drive increased profit
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    The opportunity to sign up new members (bets cannot be added to the auction unless the user has a customer account)
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    Drive retention – customers stay with the bookmaker to participate in the auction as a buyer and seller
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    New revenue via commissions on every transaction
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    Can help legacy retail bookmakers to join up retail, mobile, SSBTs and online channels via an omni wallet approach
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    The auction operates across all bet types and markets and across sports including football, horses, cricket, rugby, golf, NFL, NBA.

Benefits to users

The auction can also help users improve profit as well as increasing entertainment and engagement:

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    Opportunity to gain ownership of existing bets at potentially better odds than would be available from primary betting channels or to gain bets that are no longer available in the market
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    Opportunity to generate a profit before a result is known and to control profit
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    Broad range of bet types accommodated including In-Play, Accumulators and Pools
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    ‘Buy Now’ option enables sellers to set a price – giving control to the customer
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    Payment of winnings is guaranteed instantly through the bookmaker
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