California Based CashBet Receives Angel Investment

CashBet an Oakland, California based company has managed to raise 1.7 million in an angel investment to fund a platform that allows developers to build and integrate real money gambling into their exsisting social and mobile games platforms. CashBet is banking on their business that will give more companies an avenue to bridge the game between the multi-billion dollar markets of both mobile games and online gaming.
This investment came from FWH Holdings and private investors to facilitate CashBet to develop its own online gambling platform. This can be done because Adlerney Gambling Commission in the British Channel Islands have awarded online gambling licenses to CashBet so they can register players and engage in online gambling transactions in Europe.

CashBet was founded in 2012 and has seven employees. It had raised $200,000 in an initial seed round before it took the new money from angel investors. One private investor was Fred Hsu who felt that CashBet was uniquely positionedto overcome the legal challenges because they are veterans in that space already.

Chief Exectuive Officer, Mike Reaves, who comes from CyberArts released a statement implying that the company had acquired Category 1 and Category 2 egambling licenses from Adlerney Gambling Commission. The company is now betatesting its software development kits that are available in HTML 5 and iOS developers. By intergrating the SDK, software developers then enable CashBet to handle player registration, security, age and identity verification and all banking. So basically a complete online gambling suite of tools into exsisting game software.

February 3, 2014: posted in Gambling News No Comments

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