Co-founders Nathan Thompson, Danny Williams and Steven Evans created the site with the aim of reducing problem gambling.

RacingStars.co.uk launches its MVP, which only allows users to make one bet a day and at a low limit. The company sees it as “putting entertainment ahead of large stakes."

The founders say they have all seen how detrimental problem gambling can be, as people gamble away their wages, sell jewellery and get into debt.

However, they still see the excitement that betting on horseracing can provide.  

Co-founder Thompson has described Racing Stars as “the first-ever fantasy league horse betting platform based on real races and real prizes.”

The product will use a point scoring system that will convert starting odds to points; therefore, the higher the odds the more points users can earn.

It ensures that regardless of what bets you place, you are not out of the running, since it takes just one win from an outsider to climb above your opponents.

In addition, the minimal bet makes the product accessible to everyone and means all players can spend within their budgets.

This creates a theoretically level playing field by making everyone bet a low amount. According to Racing Stars, someone with a lot of money cannot have an advantage over a player not betting huge sums.

Racing Stars said: “Right now, this is just starting out. However, the future looks very exciting. The platform is innovative, unique and has been very cleverly designed.

"This means that not only can Racing Stars launch multiple race days, but it also leaves it open to the chance of crossing over into other sports such as Formula 1 and greyhound racing.”