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Chumba World internet casino raises 2.5 Million Capital
Monday March 18,2013 : AUSSIE ONLINE GAMBLING START-UP RAISES CAPITAL (Update)
VGW raises $2.5 million for Chumba World internet casino
Australian gaming start-up Virtual Gaming Worlds has secured $2.5 million in investment funding from Triple C Consulting, a boutique investment firm in its hometown of Perth.
The money will be used to further develop and launch Chumba World, the company's massively multiplayer online casino game for Facebook, which allows users to become ‘the house’ and build their own casinos, slot machines and games tables using avatars as their characters. Other players can join in and play at the casinos, allowing owners to make virtual money which can be converted to real cash, with parent VGW taking a percentage.
The successful fund-raising comes only a month after VGW was kicked off the crowdsourcing website Kickstarter, where it had been trying to raise $50,000. No explanation for the company's expulsion was given, either at the time or since
A VGW spokesman said that the $2.5 million will help the company to secure an online gambling licence, as well as fund marketing the app on Facebook and the development of a dedicated mobile version. The company also says it will develop new features that enable players to monetise their casinos.
There are currently 10 games in Chumba Casino with “many more in development”.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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