Will BuddyBet be the Next Social Online Gambling Phenom

Social gambling website BuddyBet has secured $3 million in funding from private investors.

BuddyBet lets buddies play against one another as opposed to playing against the actual website or a bookmaker.  The site itself focuses exclusively on sports betting but will move into other sectors in the coming months.

VentureBeat.com explains the BuddyBet concept:

Three types of betting are allowed on the site: direct user-to-user bets, open market bets, and external link bets that allow users to post links via their social networks to hold friends and followers to back up their trash-talking. The site offers alternative ways to cash out by giving users the opportunity to bet for BuddyBucks or simply the satisfaction of winning.

BuddyBet was launched by CEO Jarrod Epps in August 2012. 

- Aaron Goldstein, Gambling911.com