Cashbet looks to rival Betable in taking social gaming into real-money territory

cashbet-gamzioCalifornia-based social game developers Gamzio Mobile are feeling constrained by their free-to-play boundaries and are looking to branch out into real-money gambling. Gamzio CEO Jay Deibolt called the opportunity to tap into the real-money gambling world “a game changer for social and mobile game developers.” The makers of social casino app Slots-O-Luck Adventure HD say they’re busy prepping real-money casino products and are in discussions with Cashbet about helping them taking that next great leap forward.

Cashbet’s platform is currently in private beta, while its HTML5 and iOS software development kit is available to developers. The California-based Cashbet formed in 2012 and was granted online gambling licenses last year by the Alderney Gambling Control Commission (AGCC). Much like Betable, the UK Gambling Commission-licensed firm that provides a turnkey service to handle the financial aspects of real-money gambling, Cashbet aims to spare social game firms from having to submit themselves to onerous licensing applications and from soiling their hands with that filthy online gambling lucre (except for the part about adding it to the company’s revenue column). Or, as Cashbet puts it, they allow companies to “betify” their games, handling all compliance duties while developers “sit back and get a check every month.”

Cashbet, which was founded by current CEO Dr. Mike Reaves (ex-CyberArts) and CTO George Weinberg, recently raised $1.7m in angel funding from the likes of FWH Holdings and Fred Hsu on top of the $200k Cashbet raised the last time it went looking for backers. That’s but a tenth of the sum Betable raised in November, but Reaves says the company is “pleased with the current momentum of partnerships” and Cashbet continues to seek support from institutional investors. In case anyone reading this happens to have a pocket full of money they’ve yet to figure out how to spend, Cashbet will be hanging around this week’s ICE Totally Gaming shindig in London.