Betfair invests $5.5m in social networking business Watercooler
Betfair has led a US$5.5m round of funding in Watercooler, a developer of fan communities and social games which claims to have more than 26 million users.
BETFAIR HAS led a US$5.5m round of funding in Watercooler, a developer of fan communities and social games which claims to have more than 26 million users.
Watercooler will use the round to fund further development of fantasy sports and social games on Facebook and other social networking sites.
The business runs roughly 600 online applications, mostly for US sports teams, where users share thoughts on games on players, and is also used on Facebook by a large number of UK football fans.
Betfair US president Gerard Cunningham (pictured), who will join the Watercooler board as part of the transaction, said the investment reflected Betfair’s belief in the potential of the fantasy sports market.
Cunningham said: “Watercooler’s ability to execute an innovative approach to social networking and sports are extremely compelling, as we continue to build Betfair’s global portfolio of sports and social media offerings.”
Existing backer Canaan Partners also took part in the funding round.
In other egaming and social networking news, AbsoluteCasino last week launched what it says is the first licensed online casino with integrated social networking functionality, a free-play version of which will be available via Facebook.
In other Betfair news, Betfair signed a deal last week to enable customers to bet direct into US tote pools while watching next month’s Breeder’s Cup meeting, marking a significant extension of the betting exchange’s presence in the US market.
Betfair managing director Mark Davies is speaking at EGR Live, eGaming Review‘s free two-day event for operators in London next month.
For more on social networking, see the September opinion piece on why marketing via social networks works by Jack Media managing director Ed Stevens.
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