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Betable aims to raise the stakes in virtual gaming

The U.K.-based startup has launched a new platform for developers to add real-money gambling features to virtual gaming.

In a bid to grab a slice of the social gaming market, U.K.-based startup Betable has launched a new platform that allows game developers to bolt on real-money gambling facilities to their mobile applications and online games.

Betable's platform will give game providers the means to offer a real-world alternative to virtual money and goods to their players, while the company will vet gamers, host gaming accounts, keep track of winnings, and make gaming calculations.

The company said it has a license from the U.K.'s Gambling Commission permitting it to sell the platform enabling "developers to legally offer real-money gaming on any platform or device".

However, the platform will only be available to companies that are based in countries where online gambling is legal.

The company also announced that it has raised one of 2012's largest seed rounds of funding from more than 25 investors including Greylock Discovery Fund, FF Angel LLC, True Ventures and Yuri Milner. The amount of the funding round was undisclosed.

The company partnered with over 30 developers in a "stealth private alpha program" earlier this year, and is now expanding into a private beta version. According to Gigaom, Betable plans to open the platform to all developers by the end of the year.