Betable Raises More Investment for Real Money Gambling Platform
Betable has raised a new round of funding led by Venture51; the round is for $15-$20 million and means the company is now worth between $80 million and $100 million.
Betable allows for social game developers to add an element of real money gambling to their games. It handles the processing and legality of real money gambling.
Apparently 80% of Betable customers are in the UK and spending money for the first time in social casino games.
Social gaming companies can earn 10 times more revenue on gamers who convert to real-money gambling than those who just spend on virtual cash.
Nonetheless, a number of industry insiders were surprised at the company’s high valuation. Real money gambling is not legal across the US which somewhat limits their target market. However, as mentioned a number of gaming companies are adopting their tools for use in the UK.
As real-money gambling becomes legal in more states, Betable is sure to enjoy the benefits. As Betable is already licensed in many areas they have a huge advantage over potential competitors.