Joburg-based startup Wayja has launched its cashless peer to peer betting platform which enables users to connect with friends and make cashless wagers on anything from anywhere.
Launched 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.
The SA gambling startup 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.
Globally, peer to peer betting is fast overtaking more traditional forms of gambling. With the popularization 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 that the potential for scale is what makes this such an exciting venture for them. They are already making headway into switching Wayja on in key international markets such as the US, UK, India, and Nigeria all while gaining further traction within the South African market.
Jacobsen is optimistic about the startup’s growth so far. This is because the first few weeks in business have been very encouraging and has strengthened the conviction that they have built a platform that is filling a gap in the market. Jacobsen believes that these early sign-ups will snow ball 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.
The Wayja application is immediately available on the Wayja site and will be available for download on all major app stores by the end of 2021.