UKGC-licensed sweepstake start-up app goes live
LEBOM attracts seed funding of £400,000 after impressing investors with social responsibility strategy
A new start-up football sweepstake game has launched offering groups of friends the chance to pit their wits against each other in predicting the outcome of Premier League matches.
Known as LEBOM, the app is licensed by the UK Gambling Commission and is available to both Android and iOS users. It allows punters to set up private betting leagues based on predicting scores of up to 20 participants.
Players earn six points for a win, with a further 20 points awarded for guessing the correct scoreline. In addition, stakes and winnings are capped, with a £50 maximum stake limit in force and a £1,000 ceiling on winnings.
The LEBOM app has also advertised an ‘enjoyment or your money back’ guarantee. The business takes 10% commission on all stakes. The app has attracted several hundred participants, operating with an early retention rate of more than 80%, according to founders.
The mates and bets Football predictor
Predict the Premier League results against your mates
https://t.co/WDiz6L9Dct
#PlayLebom pic.twitter.com/tVcgtZEBim— LEBOM (@LebomApp) March 12, 2021
The Opta-powered product predominantly focuses on the Premier League, but also includes bespoke prediction markets on the FA Cup and selected international fixtures.
The proprietary app is the brainchild of digital media professional Guy Phillips, who developed the concept alongside two co-founders after operating office-based football sweepstakes over many years.
“I used to operate regular prediction leagues in the office, but when I left, a colleague who took over the league quit because of the legwork involved in keeping it going,” Phillips told EGR.
“I realised doing so via an app would make the whole thing a lot easier to handle and we could introduce that competition aspect between mates.
“That’s the concept we want to operate with LEBOM, making it simple as possible to run a sweepstake prediction league and making it as much as possible about making it fun and something to do with your mates,” he added.
The app, which has been in development since July 2020, attracted seed funding of £400,000 from a combination of investment banks and private investors.
Central to its development has been a focus on social responsibility and preventing at-risk gambling among players, a philosophy which led to the implementation of caps on stakes and winnings.
“Our core principles are excitement, community and responsibility, so privacy is an important feature – we don’t share player data for commercial gain, which includes advertising,” Phillips explained.
“Overall, we just want to enhance the social experience of being a football fan, with the people who know you best, in a controlled environment,” he added.