€430m changes hands a year in ‘just for fun’ bets

Informal betting between friends and family sees an estimated €430m change hands in Ireland every year, according to the creators of a new app.

Research from BetYou shows the average bet works out at around €12.80 and is waged 25 times a year, leaving the individual up to €326 in or out of pocket.

Most bet purely for fun, with 60% of those surveyed saying the motivating factor was enjoying the banter while the bet was happening. Sporting events — either on TV or on the field of play — prompt 55% of bets. For 7.45% of those surveyed, scoring with the opposite sex was top of their list of betting topics.

Now the BetYou app is aiming to muscle in on the action, encouraging people to bet with friends online and send messages and pictures as the bet plays out.

Barry Duffy of BetYou said the app would fuel the banter and act as a “social megaphone for bragging rights”. The European Commission has warned online gambling is one of the fastest growing businesses in Europe and among the least regulated, and urged member states to protect their citizens from the risks associated with the industry.