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BetsGoWild, a social network for betting, just launched into public beta today. Betting addicts could bet on the site using the virtual currency “WildBucks”, which means that everything is completely legit.

BetsGoWild based in NYC is the first legal, cash-free, online betting community where people could bet against each other and with friends on anything. The service uses an advanced point system to encourage competition through dares and bets. Users can simply pick “Yes way” or “No Way” to bet on anything and will be rewarded for points if they rate, tag, or leave comments besides winning in bets. The activity points that you ll accumulate will determine your status (from Jack to Ace), and you could win from WildBucks to free Dinners etc.

The company has also made it relatively simple to tap on the social networking wave by allowing users to include their bets on their MySpace, Facebook etc profile page using widgets. There are a lot of additional features from RSS support to personal feedback, so clearly they have implemented all the Web2.0 goodies religiously.

I however would like to see channels build around topics such as games (cricket, football) just like Youtube where users interested in a special area could go and bet. Notifications on the status of the bet would be an additional plus. After which all they need is a viral bet to take off.

The company currently has 9 employees and is self funded. They also offer prizes to participate in betting. Also see Mashable`s take on it.