According to Pandodaily, Betable is pulling in some serious financial support in its latest round of funding.
The estimated $15 to $20 million round brings Betable’s value to between $80 and $100 million.
The new funding will be directed to the company’s real money gambling platform aimed at social game developers looking to add an element of real money to their games.
Betable’s running list of backers now includes:
- Bullpen Capital
- Morado Ventures
- Start Fund/DST
- Greylock Partners
- True Ventures
- Founders Fund (FF Angel)
Betable’s expanded platform should allow social game developers to incorporate real money aspects to their games rather seamlessly as they will handle all the regulatory requirements and back-end processing.
According to a Venture Beat report last February, 80 percent of Betable’s UK customers are now spending real money on social casino games. All told, roughly two percent of current social casino gamers are switching from virtual currency to real money games. Consequently, the potential for profit is enormously attractive as revenue per player is 10 times as much with real money gambling when compared to the virtual variety.