Betable raises $18.5 million in funding

Betable raise $18.5m. Photograph of a deck of cards and chips at a casino.

Betable sent ripples through the gaming community this week when VentureBeat announced that Betable raised $18.5 million in funding from a group of investors led by the early-stage venture fund group Venture51

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Betable, a “platform that allows you to legally offer real-money gambling in your games,” has a licence with the United Kingdom Gambling Commission and focuses primarily on providing real-money gambling to social casino games.

News of the funding comes on the back of reports that the global mobile games market is set to reach $23.9 billion by 2016 and further underlines the massive potential of the gaming industry.

Betable chief executive Chris Griffin said “This funding enables us to grow our team, introduce new features and support developers who are building on our platform. Our goal is to remove all of the obstacles that impede developers from offering real-money play, so that they can focus on what they do best: building great games.”

The San Francisco-based company is part of a new movement in the gaming industry that aims to provide an alternative to the well-worn but increasingly outdated freemium and ad-driven models. Although Betable has announced they do not see the future in skill gaming, their platform of offering real money gambling to 3rd party customers is similar to Cashplay’s more ubiquitous, legal skill-gaming framework which helps reduce the number of ads that game developers need to serve to their users whilst providing a way in to the potentially lucrative, but strictly regulated, US gambling market.

As the Betable team no doubt celebrates with several deserved bottles of champagne this week, fellow pioneers of alternative game monetization models (like us!) will be enjoying a few glasses of their own and reflecting on an encouraging week for real-money gaming.

Cashplay is a unique monetization platform that allows mobile and online skill gamers to compete against each other for real money. Register on our Developer Portal to download our SDK.

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