Betmarkets

Betmarkets, operating under the legal entity Savvy Turtle, was established by Portuguese fintech entrepreneurs Afonso Vieira and André Flórido da Costa, who served as CEO and COO respectively. The company officially launched its platform in July 2020, positioning itself within the sports betting market with a model analogous to social trading platforms like eToro. Its core business was a fully automated platform that enabled users to invest in sports betting by automatically copying the bets of professional, vetted bettors. This addressed a market inefficiency where most betting decisions are based on personal preference rather than data analysis.

The service was designed for both seasoned gamblers seeking to improve their strategies and traditional investors looking to diversify their portfolios into an asset class independent of financial markets. Clients would deposit funds, select from a roster of over 20 professional bettors (tipsters), and allocate capital to each. The platform's engine would then automatically replicate the expert's bets in the user's account, utilizing agreements with major betting operators like Betfair, Pinnacle, Matchbook, and Betdaq. The system provided transparency by showing users profits after fees.

Betmarkets' revenue model was primarily based on performance. The company operated on a profit-sharing agreement, taking a 5% share of the profits generated by the bettors for the user, with the user retaining 80% and the professional bettor receiving 15%. An additional, smaller revenue stream came from a 0.7% cut of the betting turnover. There were no upfront subscription or joining fees for users. The company gained early recognition as a finalist in SXSW's Pitch 2020 and was selected as a Most Favourited Startup at Web Summit 2018. It raised approximately $387,000 through seed funding from Portuguese venture capitalists and other investors. However, the company later ceased operations.

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