Four students from Dartmouth College have released a social sportsbook, Rebet, that integrates free-to-play predictions with a social gaming environment. Rebet does not offer real-money gaming (RMG) or the opportunity to win real-money prizes. Instead, it offers users the chance to win prizes via promotional play and loyalty rewards without a structure for payments.
Rebet allows users to bet against each other in a social environment, such as sharing, commenting, and engaging with others on the platform. They can also pick up a bet from a customer’s network of friends and make the same wager with a one-click feature.
“At the heart, Rebet is the first of its kind, free-to-play social sportsbook where fans can connect and celebrate their love of sports together,” Rebet CEO Carson Hubbard said in a statement.
Rebet grew and evolved in Dartmouth’s startup incubator program, launched by Tuck’s Center For Entrepreneurship in 2018. Rebet reportedly has received funding in the seven-figure range. Other co-founders include chief operating officer Liam Tassiello, chief marketing officer Bella DiGiovanni, and chief technology officer Edwin Onyango.
Related Pages: Sports Betting Apps | New Sportsbooks | Sports Betting Rewards
Legality of Rebet
According to the Rebet website, the platform is available across the USA, apart from Idaho and Nevada. The website also states that users are responsible for determining whether they are accessing Rebet from a jurisdiction where the platform is legal. Rebet is currently available to download in 47 states in the USA.
“Rebet is a leading social ‘sportsbook’ application that is distinct from real-money gambling,” the website states. “It’s a free-to-play platform designed solely for entertainment purposes. On the platform, we utilize promotional sweepstakes and loyalty rewards to allow our users to win cash prizes, all without any purchase necessary.
“Rebet has partnered with reputable payment gateways for secure prize redemptions and has consulted specialized legal counsel to ensure compliance with all relevant laws and regulations.”
Identity verification is compulsory to participate in Rebet’s sweepstakes competitions and to redeem prizes on the platform. Identity verification, provided to Rebet by Plaid, includes validation of social security numbers and possibly verifying government-issued ID.
In-App Currencies On Rebet
Like its competitor in Fliff, Rebet has two currencies on its app: Rebet Coins and Rebet Cash. Rebet Coins can be claimed daily by participating in sports games. This currency cannot be transferred outside the app or redeemed for cash or prizes. It can only be accumulated to climb leaderboards on Rebet.
Rebet Cash is also free to claim but can be used on the app to participate in promotional games called Sweepstakes. Rebet Cash can be used to redeem prizes if the minimum redemption level is met after identity verification.
Since no real-money payments are compulsory to participate in these games, Rebet does not need exclusive licenses from individual states to offer its product to most users in the USA. Rebet also has marketing plans to bring in more influencers and celebrities to introduce the market to a larger audience.
Demographics of Social Betting
Social betting has existed for a while but hasn’t necessarily found the mainstream market. This sector usually includes a demographic that is tough to capture due to the availability of real-money platforms.
This demographic is composed of males with a high disposable income, but Rebet is attempting to change that by bringing more women on the platform. Rebet currently offers markets on the major sports in the USA, including the NBA, the NHL, college basketball, and Premier League soccer.
Rebet uses Sportradar as its data and technology provider.
About the Author
