Amidst all the doom and gloom about jobs being cut in the Irish betting industry, the latest news out of the Emerald Isle shows that is isn't all one-way traffic, with the success of new sports betting side Betbidder.
Jobs, Jobs, Jobs
The Irish start-up, founded by former Central Bank executive Enda Morgan, currently employs 14 people but has plans to expand to include up to 50 new jobs in 2011, as it casts its eyes toward Europe.
A unique concept, the site is based on penny auctions, in which users bid for cash prizes or tickets for sports events that are payable on the successful result of sports games or tournaments.
For example, Betbidder hosts an auction for a cash prize of 100 euros, payable if team A beats team B. Each bid by every player in the auction increases the price for that specific cash prize. The last bidder standing wins the auctions and the prize pays out if team A wins.
According to Morgan, users pay 70% each time they bid. There is a maximum number of bids for each auction, ensuring a fair process. This also ensures that people are limited from spending too much money on any one auction.
The good news about Betbidder follows the announcement last month from Paddy Power that it would expand its global reach, which will see it create some 1,440 new jobs in Ireland, the United Kingdom and Australia by 2013.