Betable raises $18.5m Series A funding
Venture51 leads backing of ‘real-money gaming’ firm
Betable, the platform that allows developers to legally incorporate real-money gambling tools into their games, today announced the completion of an $18.5m round of Series A funding.
Founded by former private equity analyst Chris Griffin in 2011, Betable claims to be the only service of its kind that allows developers to bypass legal and regulatory issues to quickly incorporate a gambling element into new or existing games.
Headquartered in London with an office in San Francisco, USA, the company is licensed by the United Kingdom Gambling Commission and its service is certified by various third-party testing houses.
Betable aims to take advantage of the rapidly growing online gambling market, which is set to constitute a $43.3bn global market by 2015, according to industry analysts H2 Gambling Capital.
The $18.5m Series A investment was led by venture capital fund Venture51, with input from existing investors including Greylock and the Founders Fund.
It takes the total raised by the start-up to $23m and will be used for new staff hires and an expansion into new international markets.
Chris Griffin, founder and CEO of Betable, 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.
“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.”
Ryan Swagar, managing partner at Venture51, added: “Some of the largest exits in the technology sector have come from companies that disrupted regulated markets, such as PayPal and Skype.
“Betable will follow in their footsteps by bringing massive change to one of the largest industries in the world—the $500 billion real-money gaming market. Chris has pulled together one of the most impressive early stage teams we have ever seen- we feel confident in their ability to disrupt this market.”