For-fun betting sites like Gottabet and PicksPal, which combine social networking with betting, are gaining popularity.
The success of PicksPal in particular has been stunning. Friends group together and bet on the winners of upcoming sporting events, or more detailed things like the number of touchdowns in a given game. A small percentage of users on PicksPal tend to be correct in their bets so often that the company started selling their predictions last year.
It’s no surprise, then, that PicksPal is expanding and launching a pop culture version of its sports betting site. The new site, called PicksPop, allows users to bet on things like “Will Pam Anderson and Tommy Lee get back together?” (pays 100/1), “Will Angelina Jolie/Brad Pitt announce their separation?” (also 100/1), and “Will 24 be in the Top 10 for the week?” (pays 1/1). All bets are for points, and each user gets 1,000 points to start. Top ranked users are listed on here.
Like PicksPal, PicksPop is also a social network where each user gets a profile page, can add friends, etc.
The company is based in Silicon Valley and has raised $6 million in venture capital over two rounds of financing. They are backed by Canaan Partners and Bay Partners.