Newcastle Upon tyne, United Kingdom, December 18, 2009 --(PR.com
)-- The firm behind a new software application that provides market intelligence for gamblers and bookmakers has declined a number of offers for the business as it believes it will be worth £10m in five years time.
Gateshead-based Tipstar has just received an investment of £20,000 from Business Link to help develop its marketing activity after launching earlier this year at the International Business Centre.
The firm, which originally received £150,000 from the North East Finance- managed Design and Creative Fund to set up, has already signed long-term deals with a number of major bookmakers, including William Hill and Coral, and said that the service was now being used by 300 separate gambling websites.
The team behind the service has already received two offers around the £1m mark but said they declined both as they believe it will be worth £10m by 2014.
Tipstar is a sports betting website offering tipping services, odds comparison and the latest sports news. It also allows users to buy and sell tips on major UK sporting events, as well as be part of an online community.
The service was launched in May by industry specialists Rob Mathieson, Tony Olanipekun and Kevin Reece after they quit their jobs at a top Newcastle-based web design agency.
They are now looking at ways of enhancing the service to provide real time updates and are hoping to work alongside a greater range of platforms, including the iPhone, to help punters get their hands on information while attending sporting events.
Mr Mathieson said: “Having spent over two years refining the Tipstar software we are delighted to have the backing of both the North East’s Design and Creative Fund and Business Link.
“This external support shows that there is still opportunities for start-up businesses willing to put in the hard work and the funding gives us a great platform from which to grow our business.
Our links with the UK’s leading bookmakers also allows us to bridge the current gap between the betting industry and the sports better.”
The three entrepreneurs also launched website development firm AYO Media last year and have already landed a host of large scale contracts, including a contract with AAF International in Cramlington, which is a global manufacturer of commercial filtration products employing more than 2,600 people in 22 countries.
AYO, which is expected to triple its £100,000 turnover this year, has also developed a system for online utility provider and management organisation Utilitiesin1.com which enables tenants in shared accommodation to split bills equally and find the best utility deals.
Both AYO and Tipstar are currently moving into a larger office within their current block at the International Business Centre, which will allow the team to double their capacity and add six jobs to their eight-strong combined workforce next year.
Mr Mathieson said: “We are very excited by the potential of the two businesses. Both the gambling and web development markets have been hit to some degree by the recession, but we have luckily grown quickly.
“We are obviously doing something right.”
Visit www.tipstar.co.uk for more information.