Fantasy horseracing start-up launches to UK players ahead of Royal Ascot
Responsible gambling-focused RacingStars debuts following two-year development and investment cycle
Horseracing start-up RacingStars has debuted in the UK ahead of this week’s Royal Ascot festival.
Billed as the first-ever fantasy league horse betting platform based on real races and real prizes, RacingStars offers a single meeting each day and encourages players to choose a horse from each race before placing a token worth £1 towards a daily and weekly prize pot.
The central concept revolves around a system that converts starting odds into points, with higher odds earning more points for players and leading to more diverse competition.
The individual with the most points at the end of each day or week wins the jackpot.
Targeting a more responsible gambling-led offering, the platform only allows players to play once per day, meaning they can only spend a maximum of £7 per week.
There is a minimum daily prize guarantee of £50.
The RacingStars site targets responsible gambling, with set staking and maximum bet limits
It is understood the platform can be widened to include multiple race meetings and potentially could be used in other sports, including Formula 1 and greyhound racing.
The site, which has been in development since July 2019, has received a licence from the UK Gambling Commission following an eight-month application process.
RacingStars is currently available on desktop and mobile web although EGR understands an app is in development
An initial investment of £50,000 was made into the business by three friends from Norfolk in Danny Williams, Stephen Evans and Nathan Thompson.
An oversubscribed second round of seed funding saw the firm receive a £100,000 pledged investment.
The business has already been valued at £750,000 and attracted financial support from Racing Post.
