How Spreads Work for Bets

Bets (British English: bets) is a betting exchange based in the UK, where people can place bets on just about anything. It was founded in 2016 and is one of the newer entrants in the world of online betting, having only been around for a year or so. However, the company is already boasting a user base of nearly half a million people and has just launched its app in the Apple App Store. We decided to find out more about this exciting new company and got in touch with co-founder Matt Spencer to ask him some questions.

Can you give us the lowdown on what is Bets, and how does it work?

Bets is a community-focused, betting exchange that enables people to place bets on anything. We’re a hybrid between a place to place bets and a social network. You’ve got your typical betting exchange, but on top of that we’ve got thousands of people connecting and discussing topics related to their interests. For example, if you’re a big football fan, you might follow closely the matches being played and want to bet on the outcome. But if you’re more of the outdoors type, you’ll be discussing ticks and Lyme disease with your colleagues and want to place a bet on the survival odds of a certain animal.

You can connect with other people with shared interests and make the most of their input while placing a bet that is both convenient and safe.

What makes Bets special?

Bets is a place where people can come together to place bets on just about anything. But it’s not simply about having fun and participating in some friendly competition. We believe that there is serious potential to grow and develop communities around topics that people are passionate about. Our vision is for Bets to become the #1 destination for people who want to participate in betting activities related to their passions.

For example, if you’re a massive fan of the TV show The Handmaid’s Tale, you might want to bet on whether Offred will be able to escape the role of a Handmaid or not. Or if you love Bollywood, you might want to bet on whether Tiger King’s protagonist, Joe Exotic, will be able to stay alive.

The goal is to create a community of people interested in the same things as you, enabling them to place bets and discuss their interests in a safe and secure manner.

What are the most interesting things going on right now at Bets?

As mentioned, Bets is a hybrid between a place to place bets and a social network, so there are always a number of different things going on. But to give you a flavour of what’s happening here, we will highlight some of the more interesting current activities.

  • Interesting People: The more you use the platform, the more interesting people you’ll discover that you can connect with. This is a place where people can come together to discuss their shared interests and build a broader network. Right now we’re seeing a massive boom in people getting together and discussing the new season of Netflix’s The Handmaid’s Tale and the daily mail order bride businesses that helped make it possible. As more people are discovering the platform, we’re seeing more and more interesting conversations pop up. If you have a particular interest, such as horse racing or sports in general, you’ll find a community to help you make the most of your interests.
  • Currencies: We allow users to make both bets and transfers in a variety of different ways. One of the most interesting things about Bets is the variety of currencies that you can use to make a bet. Not only do they give you the traditional choice of British pound, euro, and US dollar bets, but you can also opt to use cryptocurrency. This is especially interesting as it allows users to place bets and transfers with the same financial institution, yet they may use a different form of payment. It’s all about the options available to the users.
  • Sharing: We believe that if you’re going to place a bet, you might as well share your opinion with the people you’re connecting with. We don’t want people to feel as if they’re just creating an account and then throwing it away. Instead, we want them to feel that this is a valuable resource that they’re contributing to by participating in discussions and placing bets on matters that interest them.
  • Competitions: People sometimes want to bet on how something will turn out without necessarily predicting the outcome. This can lead to some interesting competitions, where users are striving to make a clear choice or decision while keeping their opinions to themselves. It can be fun to participate in these types of competitions, where you’re not sure what the winning option is until the results are revealed.
  • Futurism: If you’ve followed our blog or social media accounts, you might have already noticed that we’re big fans of futurism and futurist thinkers. While we firmly believe that the future of work will look very different to what we’re doing now, we also like to indulge in our fantasies and think about what kind of life we would lead if we weren’t so bound by deadlines and office politics. This is why we’re constantly exploring the implications of new technologies and innovations, and what the future of work will look like. It’s important to stay optimistic and remain vigilant in thinking about future innovations, as we must ensure that we’re prepared for the changes that are coming our way. Bets is dedicated to giving people the tools they need to prepare for the future, ensuring that they’re equipped with the information they need to thrive in whatever life circumstances they may find themselves in.
  • Gambler Versus Scientist: We’ve always been keen on having a blend of both science and gaming in what we do. The combination of engaging with interesting people, making money-related decisions, and competing in a secure environment is what makes Bets a unique place to be. What could be more fun than discussing your favorite TV shows and podcasts with like-minded individuals while also being able to place a bet on the results?

It sounds like you guys are setting the bar quite high for yourself, what is your long term vision for Bets?

It’s always a lofty goal to set the bar high and we absolutely agree that we want to be the best at what we do. That’s why we’re constantly seeking ways to improve and enhance the experience for users. For example, we’ve recently overhauled our welcome page and made numerous other improvements to the site based on user feedback. We’re also constantly looking to add new features and functionality to the platform, based on what our users want. But setting the bar high is essential as it helps to motivate us to keep on striving to improve.

Why did you choose to create an app for Bets?

Mobile apps have exploded in popularity over the last few years, with the Apple App Store seeing over 3 billion downloads and Google Play seeing over 500 million. It’s an incredible platform to develop for, boasting hundreds of thousands of apps and games that can be downloaded and used on-the-go. It makes sense then that we would develop an app for Bets. Not only do apps like these make it easy for people to participate in what they love, but they also make it easy for us to deliver our product to them when we need to. The Apple App Store and Google Play are the biggest and most popular app markets in the world, and being available there ensures that our users will be able to download and use our app.

How does blockchain fit into the picture?

Blockchain is a technology that underpins cryptocurrencies like Bitcoin and Ethereum. It allows for the secure, instant, and irreversible transmission of data. This data could be anything from bank account numbers to sales figures or purchase histories to medical records. It’s a technology that is ideal for keeping track of transactions that are anonymous or confidential.

It is this capability to maintain complete control over the data and keep all parties on the same page that makes blockchain such a valuable tool. This is why we’re seeing so much interest in the technology. Especially now that regulations around the world are starting to catch up and recognize the importance of keeping patient information secure. In the hands of the wrong person, this type of information can be extremely damaging. In the wrong place, it can be the key to identity theft. For this reason, we’ve seen more and more businesses start to take a serious interest in blockchain and how they can integrate it into their own operations.