Betable banks USD18.5 million for real-money gambling platform
Betable, a platform for real-money mobile gambling, landed USD18.5 million in a Series A funding led by Venture51. This is according to a report by Venture Beat.
Greylock and Founders Fund also contributed to this round of funding. The San Francisco-based company said it will use the said fund to develop "real-money play." Betable provides a platform for social casino games where players use real money for gambling without fees. The money is converted to meet regulations in a real-money gambling, the Venture Beat report said.
"Betable is the only way for game developers to legally offer real-money play without spending millions of dollars on licenses or relinquishing control of their own games," said chief executive Chris Griffin, as reported by Venture Beat.
Betable will be hiring new workers and will expand to other countries. Other game makers including Digital Chocolate and Big Fish Games are using Betable. said the report.