WHAT are the odds of RTE’s
‘Dragons’ backing an online gambling start-up? Not good, according to Glasnevin local Ã?anna Ã? hIorua, whose company, Oddball.ie, failed to secure funding on a recent episode of
‘Dragon’s Den’.
“We knew from the start the Dragons would have some reservations in endorsing gambling, but we really appreciate the exposure that the programme gave Oddball.ie,
? he said.
“Sean O’Sullivan and Ramona Nicholas in particular were a bit pious about gambling, even though for most it’s an occasional bit of excitement; and the more serious betting people study the odds and the form, and give the bookies a run for their money!
?
Ã?anna predicts that Oddball.ie, which expects to fully launch in June this year, will shake up Irish online betting by offering better odds and
‘fluid-odds’, where basically the betting follows the money.
As money is bet on the site, odds change immediately.
‘In-play bets’, placed while a match is on, will also provide a unique opportunity for punters, with exceptional live odds for the first people to react when there is a goal.
“Unlike conventional bookies, we will never suspend betting,
? Ã?anna promised.
“Other bookmakers suspend betting at the time of a goal or penalty, which is frustrating for customers. Oddball.ie will give opportunistic punters a better shot at good odds.
?
The novel approach adopted by Oddball.ie is helped by having a low maximum stake, typically e10, for in-play bets. The new Irish bookies will also offer odds on the
‘flip side’ of a bet; for a horse or team not to win; a concept the site designers say is a first for an online bookmaker, but no more complex than backing to win.
With any single bet restricted to a maximum of e100, the oddball.ie liability is reduced, so the business can offer higher odds.
“We have lower margins, so therefore better odds,
? continued Ã?anna who happily admits to being a
“maths nerd who knows odds
?.
“The Oddball site is easy to use, with navigation to every bet from every page from just one click and there are no gimmicks – no moving images on the web page, no frills at all.
“We take
‘not win’ rather than complicated lay bets. Smart gamblers will appreciate our fluid odds and the chance to better them by reacting to in-play opportunities.
?
An engineering and business studies graduate of Dublin City University, Ã?anna developed the Oddball.ie concept using his own maths algorithm to create a fluid odds system. He believes the system allows for better odds, controlling Oddball.ie’s exposure to any one adverse outcome.
“Our odds system is based on a new mathematical approach to bookmaking,
? he explained.
“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, means incredible odds for customers.
?
Ã?anna set up his company, Results Engineering Ltd, after being made redundant in 2009. Oddball.ie, the business trading name, is based in Glasnevin in Dublin, and employs three people full-time.
The business is licenced in Ireland, and aimed solely at the Irish market at present, but has the UK and the wider European markets firmly in its sights for 2014 and beyond.
Those who fancy a flutter on Oddball.ie can choose from horse racing, soccer, F1, golf, rugby, politics and more to take a punt on, as this new Irish fluid-odds bookie challenges the more predictable
“fixed odds
? bookmakers.
The site is still in test mode at the moment, with users placing virtual bets free, for fun, and prizes awarded for the most savvy tipsters each week.
The Dublin entrepreneur aims to have 10 per cent of the Irish betting market for Oddball.ie by 2015.
The company is fully financed by Ã?anna who also works in engineering consultancy to fund his venture. Despite the setback from the Dragons, Oddball.ie is still seeking investment to expand geographically.
“Overall, the Dragons were largely complimentary and encouraging, both on and off-screen, and we are confident that clever investors will see our potential,
? said Ã?anna.
“Every entrepreneur, speculator, and romantic is, in effect, a gambler, but with Oddball.ie, it’s a calculated risk.
?