Joburg-based startup Wayja launched its cashless peer-to-peer betting platform earlier this month. The application allows users to connect with friends and make cashless wagers on anything, from anywhere.
Officially founded in 2020 by Reece Jacobsen and Clinton Holroyd, the startup has thus far been funded by seed capital from the founding team but will look to additional funding rounds as the platform scales.
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Betting big on peer-to-peer growth
The SA gambling industry is currently estimated at R30-billion and Wayja fully intends to infiltrate the market. Wayja CEO Reece Jacobsen explains that the idea for the platform grew out of a simple human insight.
Peer-to-peer betting is fast overtaking more traditional forms of gambling
“Everybody loves that feeling of winning bragging rights over your peers. We see countless bets being placed in everyday situations between friends, colleagues and counterparts. If you’ve ever been in an office pool on Superbru, making bets on the golf course, or even if you’re making bets with friends over who will be the next to get married – then this is for you. Wayja is there to make informal betting simple, quick and cashless.”
Globally, peer-to-peer betting is fast overtaking more traditional forms of gambling. With the popularisation of cryptocurrency and online marketplaces, recent trends reflect that Gen-Z no longer places their trust in middlemen but prefers complete control of financial transactions. Wayja allows users to connect directly with potential opponents without the help and inevitable cost of a bookie.
Co-founder Clinton Holroyd clarifies: “The potential for scale is what makes this such an exciting venture for us – we’re already making headway into switching Wayja on in key international markets such as the US, UK, India, and Nigeria all while gaining further traction here within the South African market.”
Jacobsen is optimistic about the startup’s growth so far. “Our first few weeks in business have been very encouraging and has strengthened the conviction that we’ve built a platform that is filling a gap in the market. We believe that these early sign-ups will snowball as more people get exposed to the platform. The informal bet against friends is not a new phenomenon by any stretch, but Wayja truly brings it into the modern era,” he says.
The application is immediately available on the Wayja site and will be available for download on all major app stores by the end of 2021.
Featured image: Reece Jacobsen, Founder and CEO of Wayja (Supplied)