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GamCrowd, a crowdfunding company specifically for gambling start-ups, has been launched by Chris North, the man behind London’s Fox Poker Club which he founded in 2010.
GamCrowd seeks to match investors, start-ups and industry expertise for the gambling industry, revolutionising the way that start-ups raise money in an era when early stage funding is becoming harder to source.
“The last start up I did struggled to register any interest from venture capitalists and so I went back to my own crowd,” said North.
Crowdfunding Portal
“I didn’t know it was called crowdfunding at the time, but that is exactly what we did and it was a spectacular success”.
GamCrowd is backed by many of the investors that supported the Fox Poker Club and the crowdfunding platform will go live at the end of January.
“Once we have a sufficient base of investors, start-ups and a crowd, we will begin putting people in touch with each other and allow investments to happen,” added North.
“We intend to introduce investors with contacts and expertise to start-ups in the gambling industry across the world. As I have already learned, this will add tremendous value to the start-ups that are successful in being funded.'
Crowdfunding and Poker
One of the theories behind crowdfunding is that, by making information about a potential investment available to a large number of people who have the ability to interact and share information, ideas and decisions will bubble up from the crowd and will be recognized by the crowd as having merit.
A recent article in the Wall Street Journal demonstrates how 'crowd wisdom' is improving decision-making in poker. It describes the growth in poker's popularity and how the influx of large numbers of new players is changing and improving the quality of decision-making in poker:
With 10 times more people seriously playing the game, the collective creativity and thinking power of the poker world has grown by at least an order of magnitude. The growth of poker theory is a perfect example of how innovation accelerates in interacting communities. Today's poker players are in a world-wide arms race to discover new ideas and refine their playing styles, led by the younger generation of more mathematically minded pros. And collective progress comes from the application of collective intelligence: Putting more minds to work on a problem makes the discovery of new and better solutions much more likely