GamCrowd to launch the World’s First Gambling-focused Crowdfunding site.

GamCrowd to launch the World’s First Gambling-focused Crowdfunding site.
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Press Release

GamCrowd to launch the World’s First Gambling-focused Crowdfunding site.

LONDON, January 1, 2014. With the launch this week of GamCrowd, a crowdfunding company specifically for gambling start-ups, Chris North is going back to his roots as an entrepreneur.

“The last start up I did struggled to register any interest from VCs and so I went back to my own crowd,” says Chris. “I didn’t know it was called crowdfunding at the time, but that is exactly what we did and it was a spectacular success”.

Chris was Founder and CEO of the Fox Poker Club in London which he launched in 2010, and will happily tell you the story of how, having received no support from banks or VCs, he successfully sought help from his friends in the industry.

“I needed cash, expertise and credibility for such a big project” Chris explains. In his search for seed funding, he was supported by professional poker players like Phil Laak, Barney Boatman and Joe Beevers, who helped ensure a great poker experience.  Michael Casselli, editor of Bluff Magazine helped with marketing and PR, 888 CEO Brian Mattingley was the first Chairman and retail bookmaker Ian Hogg helped with licensing and operations. These and about 30 other investors from the industry brought cash, expertise and helped spread the word. The result was a club that grew to 26,000 members in six months, was packed out every weekend and was sold to Genting Plc within a year in a multi-million pound deal.gamcrowd edited

Now Chris wants to use the same kind of people and resources to launch a crowdfunding site targeted exclusively at the Gambling industry.

GamCrowd seeks to match investors, start-ups and industry expertise just for the Gambling industry. Crowdfunding is revolutionising the way that start-ups raise money in an era when banks and venture capital firms are reducing their contribution to early stage funding.

GamCrowd is backed by many of the investors that were successful with Fox Poker Club. The crowdfunding platform will go live at the end of January, when it will start recruiting   its “crowd” – potential investors, start-ups looking for funds and industry professionals.   The “crowd” can get involved by investing either with cash or sweat equity, freelance crowdsourcing or crowd voting and are being asked to register. “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” Chris explains.  Before any investment takes place, GamCrowd will be registered with the Financial Conduct Authority which has recently issued a detailed consultation document on the nascent crowdfunding industry in the UK.

According to researcher Datamonitor, crowdfunding for businesses in the UK is experiencing growth of 80 per cent CAGR* across all its variations and has raised funds this year of over £119 million.UK Market leader Crowdcube has helped start-ups raise over £16 million, but doesn’t focus on any particular market or industry.

This is where GamCrowd believe they have an edge.  “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,” Chris points out.

Crowdfunding isn’t new; the Statue of Liberty was funded that way and as Chris has already shown, the model can be successful in the modern Gambling industry. The development of web 2.0 and social media have given it a new technology-based impetus. GamCrowd will offer a platform that will make a real difference for the creation of innovative start-ups that will drive growth in the UK Gambling industry.

*Compound Annual Growth Rate

Contact details:

Please contact Chris North; chrisnorth@gamcrowd.com

tel: +447971 121916

More Information:

Website: http://www.GamCrowd.com
Linkedin: Linkedin.com/Company/GamCrowd
Twitter: @GamCrowd

edited gamcrowd About GamCrowd:

GamCrowd is a crowdfunding and sourcing platform focused on the gambling industry.   When it goes live in January it will provide a platform for industry professionals and investors of all types   who will provide support for the establishment of new businesses in the gambling sector through equity crowdfunding and with general support through crowdsourcing. GamCrowd has been launched by experienced gambling industry entrepreneurs that have a successful track record with various start-ups and who understand the challenges involved with starting a business in the gambling industry.

What is Crowdfunding?

Crowdfunding is the collective effort of individuals who network and pool their money, usually via the Internet, to support efforts initiated by other people or organizations. Crowdfunding is used in support of a wide variety of activities, including disaster relief, citizen journalism, support of artists by fans, political campaigns, start-up company funding,  motion picture promotion, free software development, inventions development, scientific research, and civic projects.

Crowdfunding can also refer to the financing of a company by selling small amounts of equity to many investors.  This is the form of crowdfunding that GamCrowd will support, and it is referred to as “equity crowdfunding” or investment-based crowdfunding”

Is it legal?

In the UK: Crowdfunding already falls within the scope of regulation by the Financial Conduct Authority (FCA) if it involves a person carrying on a regulated activity in the UK, such as arranging deals in investments, or the communication of a financial promotion. So, if a crowdfunding platform enables a business to raise money by arranging the sale of unlisted equity or debt securities,  then this is ‘investment-based crowd funding’ which is regulated by the FCA and thus the firm operating the crowd funding platform needs to be authorised. There are 11 platforms already authorised in the UK by the FCA.

GamCrowd falls within these criteria and will need to be authorised by the FCA; a process that will be complete before the Company begins to solicit investments.

On 25th October 2013 the FCA issued a consultation paper outlining its plans for specific regulations for crowdfunding in the UK. These plans have been welcomed by the nascent crowdfunding community and GamCrowd believes they are a well-considered set of proposals which will allow the industry to grow while protecting investors. GamCrowd will comply with the proposed regulations from launch.

The FCA are proposing to change its approach to the regulation of firms operating investment- based

crowdfunding platforms. They aim “to make this market more accessible to retail clients, to

help foster competition and to facilitate access to alternative finance options, while still aiming

to ensure that only investors who can understand and bear the risks participate in the market.”

Started working in the Casino Industry in 1985, just never managed to leave as yet. Visited 99% of all UK Casinos, seen them all,

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