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UK-licenced firm offers developers the tools to monetise games of chance
London-based startup Betable has launched a software offering that will provide social, online and mobile game developers a platform allowing the easy monetisation of games of chance.
The new gaming platform is the result of a change in course for Betable who previously attempted to create a social betting proposition market under the same company name.
The company announced Monday that it has raised “one of 2012′s largest seed rounds” from over 25 investors that include 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, although it declined to divulge the value raised.
Betable said it had partnered with thirty plus developers in what it termed a "stealth private alpha programme" which it has now extended to a private Beta.
It's offering, aside from operating as a turnkey gaming engine for developers, includes providing players with accounts, keeping track of players' winnings, player vetting and managing gaming calculations.
Licenced by the UK Gambling Commission, Betable Limited is licensed to operate, as a remote betting intermediary, pool betting, casino and linked gambling software.  The company said it had secured licensing in other legally regulated jurisdictions in Western Europe and parts of Asia, without naming which those were.
According to chief executive Chris Griffin, 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,” Griffin said. “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.”

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