|[February 03, 2014]
CashBet Continues Growth Momentum; Closed $1.7 Million Convertible Preferred Round and Platform Partner Deals
OAKLAND, Calif. --(Business Wire)--
CashBet, the leading platform provider enabling real-money online
gambling in social and mobile games, announced unprecedented growth in
2013. The company received $1.7 million in financing led by Fred Hsu and
other prominent angel investors, added several new game publishers
including publicly-traded Gamzio, Inc., and built an innovative platform
meeting or exceeding jurisdictional requirements for player protection
and information security. CashBet is currently preparing materials to
seek investment contribution from larger strategic and investment
"CashBet has already made significant moves into the mobile gambling
space over the last year by launching our SDKs for HTML5 and iOS
platforms and by acquiring Category 1 and Category 2 eGambling licenses
from the AGCC," said Dr. Mike Reaves, CEO and cofounder of CashBet.
"We're pleased with the current momentum of partnerships and our product
development achievements to date. We'll continue to focus on expanding
the feature set and capabilities of our platform to meet the growing
needs of our customers worldwide."
"As veterans of the online gambling industry, CashBet is uniquely
positioned to overcome challenges in legality, compliance and more. To
date, CashBet has already made significant strides in building their
platform to create real value for partners. Angels like myself live to
support companies like CashBet as they move forward building out their
vision," said Fred Hsu, lead angel investor.
Morgan Stanley Researchestimates that the online gambling industry will
exceed $40 billion in revenues worldwide in 2014. The industry has been
experiencing 20% year-over-year growth, with mobile gambling as its
fastest growing segment. CashBet is focused on building the world's most
trusted brand for mobile gaming and on bridging the gap between social
and mobile play and online gambling. Its systems are PCI (News - Alert)-DSS compliant,
incorporating AES encryption for data security, a high speed network,
and world-class physical security. Anti-fraud operations run around the
clock and are monitored by both human and automated systems. With
CashBet's proprietary platform, developers can focus on building great
games while easily and legally accessing the online gambling market for
increased player monetization and retention.
"CashBet provides game developers a single SDK for access to the most
robust online gambling platform," said Jay Deiboldt, CEO of Gamzio, Inc.
"By integrating Gamzio games with CashBet, we're able to tap into the
billion-dollar market expected this year, seamlessly. Access to
real-money online gambling is a game changer for social and mobile game
developers who want to grow their revenues through this channel."
Recently, the Alderney Gambling Control Commission (AGCC) awarded
Category 1 and Category 2 eGambling licenses to CashBet, granting the
company the right to legally register players and conduct online
gambling transactions in Europe.
Game publishers can meet with CashBet February 4-6 in London at the
upcoming ICE Totally Gaming 2014 -- the world's biggest gaming
innovation event. To learn more about CashBet and sign up for access to
the SDK, visit www.cashbet.com.
Founded in 2012, CashBet is a leading software platform provider and
turnkey operator, enabling online gambling for social and mobile games.
CashBet is licensed by the Alderney Gambling Control Commission. By
incorporating CashBet's Game Development Kit (GDK) software, developers
can tap into the online gambling market, accessing our turnkey platform
which delivers licensing, compliance, player verification, and banking
features needed to enable real-money gaming. California-based CashBet is
led by veterans of the online gambling industry with expertise in
legality and compliance, including CEO and co-founder Dr. Mike Reaves
and CTO and co-founder Dr. George Weinberg. For more information, please
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