Betmate - the future of gaming (EIS)

Brought to you by Novabook - the accountant for start ups

Happy new year to you all — the years may change but the deal flow remains

Excited to kick off 2025, with an awesome company I’ve been following for a while — Betmate.

Ryan and I connected a few years ago when the idea was still in it’s early origins and it’s awesome to see how he’s executed against the vision - such that I’m sharing the below with you all today.

Without further ado:

Betmate: The Future of Gaming

Betmate is redefining football betting by putting fans first. Unlike traditional betting platforms, Betmate eliminates the house - allowing users to compete against each other in a transparent, skill-based, and socially engaging way.

We’re not just another betting platform. We’re creating a movement - one where football fans can use their knowledge to win, connect with others, and play responsibly.

With £1m in stakes, a 62.5% conversion rate, and 100%+ YoY growth, Betmate is poised to dominate the rapidly growing fantasy sports and peer-to-peer betting markets.

What is the Problem?

For Football Fans
Traditional betting platforms are stacked against them:

• Poor odds and opaque house-driven dynamics mean users often lose long-term and winners often face account bans.

• No social connection - betting feels isolating-transactions, uninspiring, and guilt-inducing.

• Lack of innovation - fans crave new formats beyond accumulators and stale games.

For the Industry
The sports betting world is ripe for disruption:

• Gambling harm is at an all-time high, and regulators are cracking down on traditional models with stricter loss limits being imposed yearly.

• Younger generations demand social-first platforms that reward true football-knowledge and skill, not blind luck.

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Novabook

Novabook is the accountant for startups. It’s built by tech entrepreneurs who scaled their previous UK startup to 15M users and achieved an 8-figure exit. Frustrated by the lack of quality financial support for founders, they set out to create what they wished they had: responsive accounting services by accountants who get startups. Whether starting, raising, scaling, or planning to exit your business, the team at Novabook can support you at every step.

Stephen, their founder is a great guy and investor on the Shaman List — it’s all family here.

Highly recommend checking out the website.

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Their Solution

Betmate is a peer-to-peer sports platform that allows football fans to bet socially, responsibly, and with purpose. They claim to solve the key pain points with a platform that’s both innovative and inherently safer:

For Fans

• Private Pots: Friends can create private competitions with 0% handling fees and automatic payouts.

• Public Contests: Our Betmate hosted contests, with low-entry stakes (£5 – £20) that ensure fairness and accessibility.

• Game Modes: From our own Fantasy Football engine to our Predictor Games like Survivor, BTTS, and FT Result - we keep fans engaged daily.

• Social Features: Compete with mates, trash talk, and revel in bragging rights.

For the Industry

Betmate aligns with the future of safer gambling:

• No incentive for Betmate to profit from user losses.

• Hard limits on entry fees ensure responsible spending.

• No high-risk, predatory offerings like virtual racing or slots.

We’re building the platform football fans have been waiting for, and the market is taking notice.

Traction & Growth

• 16,000+ Users: 10,000 of whom are paying customers (62.5% conversion).

• £1m Total Stakes: Strong and growing user engagement.

• 100%+ YoY Growth: Scaling fast with a proven product-market fit.

• 4.8* Rated: Highest-rated gaming app in the UK on both App Stores.

• Best-in-Class Retention:

  • 55% retention rate after 60+ days from signing up, compared to 30-day retention rate of 5% for the industry typically.

• Revenue-Win Margin: 20% target on public Betmate contests (vs. ~10% industry average).

  • Private Pots: 0% margin, fostering social gameplay among friends.

• Customer Payback Period: 6 months (vs. the gold standard of 18 months)

• CAC: 20x cheaper at £15 (vs. £200 industry average).

B2B: Powering Engagement for Brands & Clubs

As a result of their B2C success, they have also launched a B2B brand, called Engage Games, which is tailored for football clubs, media brands, and sports organisations. Engage focuses on free-to-play sports gaming, helping partners:

• Unlock user engagement through innovative, interactive games.

• Monetise audiences with sponsorship and branded game formats.

• Capture valuable first-party data to drive future growth and fan insights.

The commercial model with Engage is to build long-term, recurring revenue with our custom gaming solutions. They have already validated this model and are on track to launch two additional deals in Q1 2025 and as part of this round, are actively hiring a Head of B2B to accelerate this further.

In summary:

• B2C: A peer-to-peer football betting platform revolutionising how fans play, connect, and win.

• B2B: A bespoke gaming solutions brand, Engage Games, helping clubs and media brands unlock fan engagement and revenue.

  • This extension positions us to tap into significant new revenue streams by providing scalable, recurring solutions to partners across the sports industry.

The Market Opportunity

The fantasy sports market in the UK and Europe is forecasted to reach $2BN+ by 2028, growing at a 12.5% CAGR.

Betmate also sits at the crossroads of the online sports betting market, projected to hit $22BN by 2028. This dual-market focus allows us to capitalise on two booming sectors, with a model that appeals to fans and regulators alike.

Milestones & Recognition

Betmate is already making waves in gaming and tech:

• Flutter Gaming Innovators 2024: One of just a handful invited to Flutter’s HQ (owners of SkyBet, PaddyPower, Betfair).

• Tech Nation Rising Stars: Named North West Winners.

• EGR Awards: Shortlisted for Brand of the Year and Operator Rising Star.

• LCR Tech Climbers: Recognised as a top tech innovator two years running.

This early recognition positions Betmate as a standout disruptor in the sports betting and gaming industries.

Why Invest Now?

Betmate isn’t just growing - it’s leading a paradigm shift.

• Proven Traction: £1m in stakes, 16,000 users, and 100%+ YoY growth.

• Safer Gambling Aligned: Our model is inherently social and responsible, winning favour with users and regulators.

• Trusted Backers: Join a round supported by Accelerate Ventures (owners of Wigan Athletic, Wigan Warriors), an ex-SkyBet Director, and SVP at Fanatics.

This funding round will enable them to expand their B2C presence while accelerating B2B growth, launching new partnerships, and securing Engage Games’ position as a leading solution for clubs and brands.

With over £1.4m of a £1.5m round already committed, this is a chance to join a select group of investors who see the potential to reshape gaming forever.

To be introduced to Ryan, please message me direct and to see the full investment memo - please sign up below