Michael Timbs, an entrepreneur had a fascinating concept to provide digital suggestions from winning gamblers to people seeking wagering guidance. The brand is known as Betswaps. It is more than just a conventional betting website; it aligns experienced gamblers against conservative newcomers using an algorithm to match them.
This company premiered on Shark Tank, the popular commercial TV program. Though it is not one’s cup of tea to please the Sharks, however, let us know about their pitching sessions.
Quick Facts
| Founders name: | Michael Timbs |
| Business details: | An online sports tipping marketplace |
| Founded in: | 2016 |
| Location : | Adelaide, South Australia |
| Asking of Company: | $200,000 for 10% equity |
| Accepted Deals: | $200,000 for 15% equity |
| Shark on board (Investors): | Glen Richards and Steve Baxter |
| Shark Tank Episode: | Season 00 Episode 03 |
| Net Worth | $10 million |
| Business Status: | Active |
| Last Updated: | Mar 04, 2024 |
| Social Media | Facebook |
About the Founder
Michael Timbs is the owner of BetSwaps. He is a 24-year boy, who is a software engineer, and presently works with GorillaStack. Timbs abandoned Betswaps after appearing on Shark Tank in February 2016. Later on, he continued to work in the programming development industry.
Founding the BetSwaps
There are numerous authority panels where customers can instantaneously place and buy wagers while comparing wagers, such as horse wagers, juxtaposed at any moment. BetSwaps is a digital body that is designed to help customers grasp the guidance and knowledge to use while placing wagers at physical locations or virtual books.
Although BetSwaps asserts to be the pioneer in its field, Punters.com.au from Australia genuinely came before anything else. There were no formal legal procedures; simply a web-based evaluation of the businesses was done.
Shark Tank Appearance
Timbs pitched a $200,000 contribution from the Sharks as compensation for a 10% ownership stake in his company. This gave the company a $2 million valuation. After Timb’s proposal, Steve Baxter made it obvious that he had a kind of shady perception regarding internet gambling. But it was clarified that BetSwaps acts as a pitching site rather than a gambling site.
Timbs’ $100,000 in earnings for that particular year alone intrigued the Sharks. The income is not entirely derived through tips, rather, it is primarily derived from advertising and other associate links. The following year, Timbs predicted that the company would generate $1 million in sales. The majority of Sharks were not persuaded by this.
However, the auction began after the company’s specifics were clarified. Steve made the first offer, proposing $200,000 for 35% equity. Andrew approached $200,000 in capital, but at a 30% discount and he mentioned his additional expertise in web enterprises.
Following them, Naomi entered the auction and offered $200,000 for 20%, citing her expertise in the field of technology as a value addition. For 15%, Glen offered $200,000 and indicated that he possessed a lot of connections. When Timbs sighed, Steve reduced the price to $200,000 for 30% and then to 15%. Timbs responded with Glen and Steve’s joint offer, which the Sharks acknowledged.
After Shark Tank
After an explosion of counteroffers and bids, Timbs successfully closed a sizable purchase. The organization grew very immediately as a result of its publicity, and the team recently unveiled its latest venture at betswaps.com.
Due to the popularity of the initiative, the corporation is currently sporting an estimated worth of more than $10 million.