Buddybet, the bookmaking brainchild of successful businessman Scott Didier, has become the latest Australian wagering provider to close its doors.
Buddybet was born of Didier’s desire to build a peer-to-peer “handshake” betting platform, where friends could exchange bets.
The Buddybet Group was founded in 2017 and the company was first licensed to offer a betting exchange by the Northern Territory Racing Commission in 2019.
According to its website, it launched into the Australian market in early 2022, at the height of the post-pandemic wagering boom.
“Buddybet has brought the social bet into the modern age, but the core concept has been around for thousands of years. Over recent years, with the rise of the sportsbook and the decline in carrying cash, the social bet is not as common as it once was – until now,” it said on its website.
“Buddybet is not a bookmaker and it doesn’t set odds or offer complex multis. Users simply bet money or bragging rights with a friend or colleague, exactly as people have done throughout the ages – only now there’s a digital record. And with our platform enabling a whole new level of interaction and connectivity, we’re putting the social into social betting.”
It also reportedly had ambitions for overseas expansion with an American-facing product as well as pending licences in several other countries including Curacao, Malta and Ireland.
Didier is the CEO of Johns Lyng Group, a billion-dollar publicly listed company focused on delivering building, restoration, strata and energy services nationally and internationally. It has a particular specialisation in disaster recovery.
He received an Order Of Australia Medal in 2016 for “significant service to children through roles with a range of charitable organisations, as a supporter of sporting clubs,and to business”.
He is also closely involved with the Carlton Football Club.
The Straight has been told Didier has invested as much as $20 million into Buddybet over the journey. It is unsure where that investment sits right now.
CEO Manal Iqbal headed up Buddybet’s Melbourne-based operations. She had previously worked for Didier as a corporate development and financial analyst at Johns Lyng Group.
While it had initially been announced that Buddybet would cease operating on November 8, since last week, its website has said it is no longer accepting bets.
“If you have a balance in your account, please login to your account for more information or email support@buddybet.com,” the site read.
Its social accounts were last updated on October 21.
In 2023, Buddybet was also fined $13,770 by the Northern Territory Racing Commission for what was described as a “serious breach” after it inadvertently emailed 232 self-excluded people.
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