‘Favourit’ social sports betting out of beta

The Australian online social sports betting platform Favourit has successfully completed beta testing and goes to full operational status this week, according to a report on the publication The Next Web.

The enterprise’s founder is currently seeking additional funding for the company, which has already raised almost A$4 million and offers online punters an internet hub where they can place bets on multiple sports including American football, soccer, tennis and boxing.

Users can select from any of the fixtures taking place later that day and bet on a number of different outcomes, such as the final result and who will score first.

The platform uses a virtual currency called “Favourit Caps”, which are increased each day; there’s also support for a number of third-party licensed betting operators, such as Paddy Power in the UK; its Australian subsidiary, Sportsbet and Tabcorp subsidiary Luxbet.

The Favourit app gets around Aussie laws by not processing real-money transactions, but allows users to connect to their existing accounts at major online sports betting groups.

Favourit CEO and founder Toby Simmons (26) has revealed that the company’s strategy is to expand internationally.