10th of July 2012 Author: Glo Wood
UK-licensed firm offers a lucrative product
A new software offering by London-based startup Betable, who previously attempted to create a social betting proposition market under the same company name, promises to be a much sought product, as it provides social, online and mobile game developers with a platform that enables easy monetization of games of chance.
According to the company, it has raised 'one of 2012′s largest seed rounds' from over 25 investors, including Greylock, CrunchFund, Yuri Milner's Start Fund, Founders Fund, True Ventures, Path co-founder Dave Morin, former Wikia chief executive Gil Penchina, Delicious' Josh Schachter, StockTwits' Howard Lindzon and LOLApps former chief executive Arjun Sethi. However, it has not specified the value of the funds raised from them.
Furthermore, it specified that it has partnered with thirty plus developers in what it termed a "stealth private alpha programme" which it has now extended to a private Beta. As a result, apart from operating as a turnkey gaming engine for developers, its offering now provides players with accounts, keeping track of players' winnings, player vetting and managing gaming calculations.
Also, Betable Limited is licenced by the UK Gambling Commission to operate, as a remote betting intermediary, pool betting, casino and linked gambling software. The company also underlined that it has already obtained licenses in other legally regulated jurisdictions in Western Europe and parts of Asia, but it did not specify the exact countries.
In his statement, the company CEO Chris Griffin said that gambling-style games monetize better on a per user basis, bringing in $1 800 in customer lifetime value versus $2 for social games. 'Social game developers have a big problem; existing game monetization methods yield very low per player revenue, so without millions and millions of players it is extremely difficult to build viable businesses. By partnering with Betable to enable real-money gaming, developers will see huge increases in their average revenue per user and average customer lifetime value,' he added.
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