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CashBet Continues Growth Momentum; Closed $1.7 Million Convertible Preferred Round and Platform Partner Deals

Companies mentioned in this article: CashBet

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 partners.

“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 Research estimates 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-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.

About CashBet

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 visit www.cashbet.com.


Copyright © Business Wire 2014
Contact:

CashBet
Kate Pietrelli, 760-518-2633
kpietrelli@cashbet.com