Betconnect planning investment

BETCONNECT, the start-up betting exchange backed by property tycoon Nick Candy, will look to raise money from investors later this year to fund its growth and development.

Co-founder Mark Weaver said that Betconnect is also looking to add new features to its betting exchange. Its backers, including the property developer’s investment vehicle Candy Capital, are thought to have invested millions to finance its development.

Betconnect, which operates in a similar way to Betfair but has a social media platform built into it, was launched last week. It differs from Betfair in that people will be able to see who they are betting against in real time, be they other punters or one of the site’s stable of professional gamblers. Users can either bet against each other or take part in a large bet with other people against a professional gambler.

Additionally, users can follow and mirror the bets, albeit on a smaller scale, of professional gamblers. Founders Weaver and Dan Schreiber said the inspiration for Betconnect came from eToro, the financial trading platform that lets small investors follow the trades of more experienced and professional traders.

The company uses artificial intelligence to present users with bets suited to their sporting tastes and risk profiles.

Candy, who is married to former Neighbours star Holly Valance, is best known for the luxury developments at One Hyde Park and Chelsea Barracks in London.