GoWagr is a self-funded startup that saw success during the recent general and gubernatorial elections in Nigeria.
Nigerian startup GoWagr has introduced a groundbreaking platform that aims to transform the way people make wagers, addressing common issues such as fraud and payment disputes that often arise when dealing with strangers online.
GoWagr – Providing security for wagers
With GoWagr, users can securely and confidently make wagers with friends, colleagues, communities, or even strangers online, as funds are held in an escrow contract until the parties decide to settle the wager based on the original terms.
The founding team of GoWagr had been working on the product since early 2022, and they recently launched a minimum viable product (MVP) in February of this year, initially using Google Forms and Sheets for operations.
A popular social activity
“Our goal was to test the concept and user experience of what we had been building in stealth, and we leveraged the Nigerian general and gubernatorial elections to execute,” said co-founder Daniel Oladepo. “Social wagering has been a popular activity for as long as people can remember, and it has become even more prevalent in today’s digital age. We are bridging the gap in terms of security, flexibility, commitment, and transparency.”
As a self-funded startup, GoWagr’s platform is currently available in most regions, with Nigeria as its initial market focus. However, the company has plans to expand to other regions outside of Africa in the coming months. “We intend to charge a five percent platform fee on all active wagers,” added Oladepo. “During the Nigerian general and gubernatorial elections, we processed approximately USD 25,000 in gross transaction volume and generated around USD 2,000 in revenue, with over 60 Nigerians trusting us with their funds.”
Transparent and seamless
GoWagr aims to revolutionize the way people make wagers by providing a secure and transparent platform that ensures a seamless experience for users, with plans for expansion and growth beyond its initial market in Nigeria.
Nigeria is one of Africa’s largest markets for startup activity.