Monday April 22, 2013 : 10 PERCENT OF IRISH ONLINE BETTING MARKET SAYS CONFIDENT START-UP
University graduate's concept uses own algorithm
Irish online betting start-up Oddball is confident on its prospects forecasting a market share of 10 percent of the Irish betting market by 2015.
The company, founded by engineering and business studies graduate of Dublin City University Éanna Ó hIorua uses what it described as a unique "self correcting" maths algorithm to create a fluid odds system that controls Oddball's exposure to any one adverse outcome.
“Our odds system is based on a new mathematical approach to bookmaking. We frequently adjust odds to reflect our liability on events, and to attract bets to offset the liability. The result, which we call fluid odds, offers significantly better than the competitors,” Ó hIorua said.
Oddball.ie is currently based in Dublin, licensed in Ireland and targeted solely at the Irish betting market but has expansion aspirations for the United Kingdom and European markets by 2014.
Registered under parent company Results Engineering, Ó hIorua's Oddball.ie website is currently in beta mode allowing users to place free bets online and via a mobile platform.
Ó hIorua recently appeared on the Dragons' Den, a series of reality television programmes featuring entrepreneurs pitching their business ideas in order to secure investment finance from a panel of venture capitalists, known as the Dragon's. He was looking to raise Euro 50 000 in return for a 10 percent stake in the firm, but was unsuccessful.
“Overall, the dragons were largely complimentary and encouraging, both on and off-screen, and we are confident that clever investors will see our potential,” an optimistic Ó hIorua said.