Social Media Crunch

Betable, where users can literally place a bet on anything and have their friends bet with them, has secured a $3 million first time funding led by Atomico, the venture fund set up by former Skype founders Niklas Zennström and Janus Friis. Former Skype chief strategy officer Geoffrey Prentice joins the board. It’s an unusual move for a VC house to back what is in effect a gambling site, but Betable is presumably in the ‘social’ space sufficiently enough for Atomico to feel comfortable with the investment.

While the site is built almost entirely in the US, the CEO and founder Christopher Griffin based and launched the company in the UK where gambling laws are more more conducive to gaming sites than the US. It will compete to some extent with another UK-based social betting site founded by Americans, Smarkets, but where the latter is more for regular gamblers, Betable is designed to be a more casual “Twitter for Betting”. Griffin hopes the site will attract the normal bets made between office workers or between university students (betters have to be over 18).

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