London based Gottabet is a social network that handles the logistics on small, friendly bets. Users set up bets, either for actual money or for the Gottabet currency, called “peanuts,” which have no cash value but give bragging rights.
An example bet is “How Many People Will Jack Bauer Kill in Season 6?” Participating costs 30 peanuts, and the winner takes the entire pot. For cash based bets, Gottabet takes a 5% fee of the pot. Odds can be set, and a portion of the proceeds can be donated to charity. An example – two women are betting any Gottabet members that they can lose weight by a certain date. Bets can also be kept private or by invitation only. Settlement of cash bets is done via credit and debit cards.
Gottabet is also a social network – all users have a profile page where they can add friends. And users are rated not only by how many peanuts they gather but also on their reputation.
Gottabet says they’re working on a mobile version of the product. I assume they’ll also be creating widgets for people to promote their bets on other websites. Currently, they have a tool to add a link to the bet from Facebook.
Since gambling is illegal in many countries, Gottabet will be trying to keep under the radar by requiring cash bets be only of “limited value.”