New social betting company BragBet.com will launch at Punchestown later this month with sponsorship of the two-mile handicap hurdle on the opening day of the Festival, Tuesday April 23.

Dublin-based BragBet enables groups of punters to come together both online and on mobile, and they have recently set up an iPhone App which enables sports viewers to field texts and read live tweets in real time.

BragBet are based in Ireland's Silicon Dock and it's investors include Telefonica and Boylesports. The concept is for groups of mates to come together and bet as a team against the bookies. The team place money into a joint kitty and each week a new team member becomes captain, deciding what to bet on.

Phil Riordan, CEO of BragBet said, “The Punchestown Festival is the pinnacle of the National Hunt season and we are delighted to be working with the team on their prestigious events starting with the ‘BragBet.com Handicap Hurdle' on April 23.

“BragBet brings on-line what groups of guys have been enjoying at race meetings and sporting events for years. It's a more social and fun way of betting, instead of betting on your own, BragBet lets groups of friends make suggestions and pool opinions and knowledge. We believe it's more fun with your mates' money on it!

“We're looking forward to getting the word out there about BragBet at Punchestown, and we will be working with other key sporting bodies in due course.”

Dick O'Sullivan, Manager of Punchestown Racecourse said, “Punters come to Punchestown to enjoy a great day out racing with their friends and BragBet allows racegoers to enjoy that experience with their friends all of the time.

BragBet will have the benefit of their race being screened live on RTÉ at approximately 4.55pm in a prime slot which will give them great exposure to a wide audience and we look forward to working with them. The BragBet.com Handicap Hurdle is worth €30,000 and always attracts a full and competitive field of about 28 runners.

“It's apt that a betting company has come on board as it's been a bit of a bookies benefit with three 16/1 winners in the last five years. Last year the race was won by Philip Hobbs' Snap Tie, and we are hoping that we will have some UK runners this year.”