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Most Irish lads are converts to Facebook, Twitter and more these days, but an Irish company has come up with a novel social media outlet - introduce social betting side Bragbet.

Bragbet is a brand new social betting concept which involves groups of friends pooling their collective knowledge to win both bragging rights and hard cash.

The site is launching in beta form during Euro 2012 - no money changes hands at this stage (that'll come later in the year) but there is a chance you could be rolling in prizes totalling €2012, including €1000 for best performing team.

Phil Riordan, the man behind one of the most innovative web ventures we've noticed in recent times, said, “Online betting has never been a very social activity and we want to change all that by integrating it with the very best aspects of social media.

"Euro 2012 trial is our opportunity to trial the platform for the first time, introducing a new kind of fun, interactive betting that will particularly appeal to the younger market.

"For Euro 2012 we’re offering BragBet as a way to let our players have fun and win some cash prizes. Later on in the year we’ll be giving our players the chance to bet with their own, and their friends’, money."

So how does it work? Well the snazzy little video below, produced by the BragBet lads, explains it nice and succinctly.

To find out more or sign up your team for the BragBet Free Euro 2012 tournament visit www.bragbet.com.