With the emergence of fantasy football websites such as FanDuel and Draft Kings, online betting has moved from taboo to the norm. However, some still find betting online too shady, or aren’t interested in sports bets. The interest in peer to peer betting between friends does not only apply to sports, but TV events, social media, and user created bets. Our project aims to create a system for users to wager bets and a social platform to facilitate bets between friends which allows users to vote, comment, and share their friends’ bets with others. Revenue will be generated by charging a $0.50 service fee on bets.
Our team will focus on:
- A mobile application
- Financial transaction system
- User profiles
- Social newsfeed
- Submitting a bet to another user
- Creating a user-submitted bet
- Resolving a user-submitted bet
- Taking an open bet off of the news feed
Our goal for this project is to build a functional platform that delivers on each of the requirements documented in the scope. The deliverables of our project will be our business documentation as well as a working prototype. Another goal is to encourage users to use the site to demonstrate the type of transactions would happen after we launch our project. The business results from this project would be the increased income from the service fee from transactions. Anytime that a bet is won in our application, a small amount will be deducted from the winnings. It will not be significant enough to deter users from the app, and it will prove profitable after a larger user base is established.