Real money gaming platform Betable has raised a new round of funding as reported by PandoDaily. Led by Venture51, the round is expected to be around $15 to $20 million valuing the company at either $80 or $100 million.
Betable did not start as a real money gaming platform, but instead started as a gambling stock exchange. The company offered its investors to cash out during this restructuring with Atomic Ventures choosing not to reinvest. Betable does not develop games itself, but instead handles processing, legality and compliance of real money gambling in depending on where the gamer is located.
The valuation may come at a surprise to some investors because of the fact that Betable is not completely legal in the U.S. Though Betable does house some offices in San Francisco, the majority of business for the company takes place in the U.K. However, it is reporting that 80 percent of its customers in the UK had never spent money in social casino games before, but have started. Despite this potential for revenue, there still is a great limitation as real money gaming in the U.S. as it is currently legal in only Nevada and New Jersey.
Real money gaming is constantly a hot topic among social gaming news with many companies looking fit its components in its revenue model. Perhaps the most notorious, Zynga’s most shareholders meeting heavily focused on real-money gaming, even debuting its own games in the U.K. last April. Though it yet to be completely legal across the United States, if Betable is able to gain enough traction in other places including Nevada and New Jersey, the massive potential income from gambling-related taxes may be too much to resist.