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CashBet Raises 1.7 Million in Capital
Monday February 3,2014 : REAL MONEY GAMBLING APP DEVELOPER RAISES $1.7 MILL IN CAPITAL
CashBet to use the money to build a platform for use by social and mobile game developers.
Oakland, California-based CashBet has raised $1.7 million in angel funding for its plans to build an Alderney-licensed online gambling platform that enables developers to bring real-money gambling into their social and mobile games.
In similar fashion to San Francisco-based Betable, the idea is to free up game developers to get on with what they do best, leaving the complex business of sorting out player registration, regulatory compliance, AES encryption security, anti-fraud operations, age and identity verification, and banking to a purpose built platform.
FWH Holdings and private investors are the main funders in the current round, reports VentureBeat, noting that Cashbet has already achieved licensing by the Alderney Gambling Control Commission to develop its online gambling platform for deployment in Europe.
Cashbet recently inked a partnership content agreement with California game developer Gamzio Games and has been in existence for just over a year. It raised $200,000 in its first round of financing and currently employs seven people.
CEO Mike Reaves has previous experience with CyberArts and MondoBox, VentureBeat reports, adding that the company is currently in private beta testing, with its software development kit available to HTML5 and iOS developers.
Reaves said that his goal is to build a trusted brand for mobile game developers, and bridge the gap between social/mobile play and online gambling.
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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