France-based mobile developer Omada has raised $7.5 million in a Seed Round after creating a social casino app with a twist: no real betting.
The game, sharing its name with the company Omada, has seen enthusiasm from sporting fans who are able to place bets in-game on real events without actually gambling. It enables friendly competition between gamers with free predictions on football, F1, NFL matches and more.
The intent is for Omada to build its brand as a healthy alternative to sports betting. The sports betting industry has been connected to numerous mental health struggles for those who grow addicted to gambling with real money.
Finding an alternative
Felix Capital led the $7.5 million investment round with other participants including 20VC, F4, Motier Ventures and Play Ventures, it has been reported. Omada already has over one million monthly users with 300,000 of those in its home country France. The new funds are expected to boost an expansion into the US.
In line with its gambling awareness branding, Omada has also launched campaigns like Ferme Ton Compte (Operation Close Your Betting Account). The app itself was developed in part using funds founder and CEO Adrien Miniatti gained when Ubisoft purchased his previous mobile studio Green Panda Games.
Miniatti, discussing Omada said, "It is based on the mechanism of betting, but the mechanic is entirely free. Nobody is playing to become rich or be No. 1 on the leaderboard. It’s a social game, and the long-term retention is crazy."
Indeed, Omada’s retention is approximately twice as high as the average game, with its European audience 70% male while its US base so far is split 50/50 in gender terms. The game is monetised through customisation options with a premium currency, earned by winning bets or through user spending.
"I am thrilled to have the best partners on board as we continue to enhance our gaming experience and maintain a strong connection with our user community, which has been Omada’s strength since the beginning," Miniatti added.