Investors Betting on Betable It Can Help Social Games Make Money

As social gaming companies such as Zynga explore ways to play in the online gambling business, Betable wants to be their dealer.

The startup, a gambling operator that lets developers integrate real-money gaming into their products, announced today it has more than two dozen seed investors, including Bullpen Capital, Michael Arrington’s CrunchFund, Greylock Partners’s Discovery Fund and Yuri Milner of Digital Sky Technologies. Betable’s backers are betting that the company can become an online marketplace for gambling as social game makers join the table.

Betable founder Christopher Griffin declined to say how much money was raised. The company, which is based in London and has an office in San Francisco, had previously raised $3 million from Atomico, the investment firm started by Skype co-founder Niklas Zennström. Betable at an earlier stage let users place bets on anything, with the company taking a 10 percent cut of the proceeds. The company returned the money when it changed strategy, Betable said.

Game makers wanting to enter the gambling world face barriers, including the need to get licenses from different countries in which they would operate. Betable, which has a gambling license in the U.K., says it can streamline the process and reduce the amount of time it takes for game makers to offer real-money gaming. The bets actually take place in the U.K., although bets can be taken online from most anywhere.

The company also announced today a private beta program for developers.

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