Investors back oracle to demystify betting
Apr 8 2009 by Iain Laing, The Journal
A NEW software application for the sports betting industry has been backed for success by the region’s Design and Creative Fund.
Tipstar, designed by three Newcastle software developers, provides market intelligence for gamblers and bookmakers via a range of web services.
The Design and Creative Fund, which is managed by North East Finance, invested £150,000 to launch the service this summer. Then Tipstar will be available across a range of platforms, from computer desktops and browsers to mobile phones.
It has already attracted the interest of several major bookmakers, brokers and businesses in the industry.
Tipstar managing director Rob Mathieson said: “Tipstar essentially consolidates all the information you could ever need for sports betting in one place, whether that’s football, horse racing or rugby.
“We spotted a gap in the market and have spent a couple of years researching, developing and fine tuning the software.
Based at Gateshead’s International Business Centre, Tipstar was set up last year by a group of industry specialists – Rob Mathieson, Tony Olanipekun and Kevin Reece.
Mr Mathieson said: “The investment from the Design and Creative Fund is helping us to move beyond the proof of concept stage to a position where we can take the product to market and attract follow-on funding.
“There’s been good interest so far. We know the product works and are looking forward to launching later this summer.” The Design and Creative Fund was set up with money from One North East to support the development of the region’s design and creative sector. To date, it has invested £1.8m in exciting businesses, with typical investments of £60,000 to £150,000.
Fund manager Jon Bradford said: “Tipstar is exciting and innovative with substantial potential for growth in the UK. The sports betting industry is an expanding market and Tipstar can provide a genuine service to many gamblers and bookmakers that’s currently not available anywhere else.
“It will help to simplify a huge amount of data and demystify sometimes confusing information.
“Tipstar first approached us about 12 months ago and have worked hard to shape the business into a position where we can now invest.
“We look forward to their future success.”
