Existing backers Greylock Partners and Founders Fund also took part in the financing, which Betable said would be used to expand the company’s staff and extend it to new geographies.
Venture51 managing partner Ryan Swagar said, “Some of the largest exits in the technology sector have come from companies that disrupted regulated markets, such as PayPal and Skype.
“Betable will follow in their footsteps by bringing massive change to one of the largest industries in the world – the $500bn real-money gaming market.
“[Betable founder and CEO Chris Griffin] has pulled together one of the most impressive early stage teams we have ever seen- we feel confident in their ability to disrupt this market.”
Founders Fund partner Brian Singerman added, “Our primary reason for making this investment is a bet on Chris.
“Nothing matters more than the entrepreneurs in early stage investments, and we have tremendous faith in Chris and his ability to transform the gaming market.”
Last month it emerged the private equity backers of Italian gaming and betting business Sisal could list the company shares before the end of the year amid an uptick in European IPO interest.
A public listing of Sisal could value the business at €1.7bn including debt according to the FT, which cited people with knowledge of the matter.
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