Y Combinator-Backed Better Opinions Secures Funding To Enable Users Trade Opinions For Cash

Online betting startup Better Opinions has secured $2.5Mn in its seed funding round. 

Metaplanet VC, Goldwater Capital, Y Combinator, Taurus VC, Original Capital, Tremis Capital, Super Capital and a slew of angel investors have participated in the funding round.

Better Opinions will use the fresh capital to build and expand the product as well as the tech team. 

“Better Opinions’ real cash prediction platform is immensely contributing to increasing decision-making abilities and financial literacy of their user base. It is rare to see ventures having a positive impact on epistemic hygiene while also appealing to the mass market,” said Rauno Miljand, managing partner of Metaplanet.

The latest development comes barely days after Better Opinions was reportedly securing close to $3 Mn from social media giant Meta. Following the investment, the startup is estimated to be valued at less than $25 Mn.

“The funds will be used to make Better Opinions a trading-cum-social platform. We have so far seen an excited user base, who are eager to trade and invest in our platform. Our vision from here is therefore not only to create a stock market of opinions and make trading accessible to all but to build a social platform where our users can trade and engage,” Samay Jain, cofounder and CEO of Better Opinions said.

Launched in 2021 by Samay Jain and Soumyajit Das, Better Opinions is an online betting platform that allows users to trade their opinions with real money on events taking place in various categories including cricket, cryptocurrency, politics and entertainment, among others.

According to the startup, since its inception, Better Opinions has expanded its event-based categories for trading opinions from double auction trades to online polls. It is looking to add a social layer onto trading platform so as to make trading more accessible, fun and educational. 

Better Opinions was also part of the winter 2022 batch of Y Combinator. The startup said in the last six months, it acquired a user base of over 600K and covered more than 14K events.

In February this year, it secured more than $1 Mn in its pre-seed funding round from several investors ncluding Y Combinator, Java Capital, and Soma Capital, among others. 

In India’s fantasy segment, it competes with the likes of Mobile Premier League, Dream11 and Halapay.

As per the EY report, the country’s esports sector is likely to grow up to INR 1,100 Cr by the end of the financial year 2022. It will further gain an economic value of INR 10K Cr in aggregate during 2022 and 2025.