The Betable blog today announced the release of Big Fish Casino in the UK, which includes real-money games to the ever-growing social gambling market. This is huge for both Big Fish Games and Betable. We here at Pickmoto wish them the best.
Let’s talk about the social gambling market. It’s dominated by sports. Besides the drug trade, sports gambling is the oldest and largest shadow economy. Did ancient Greece bet on the outcomes of the first Olympic games? You bet your ass they did. Very recently, TheDailyBeast reported that $3.2 billion was wagered in sports bets in Nevada casino’s in 2011. Nice. But $380 billion dollars are wagered worldwide on sports every year. You know what’s cool? $380 billion dollars.
By making it easier for developers to include real-money gambling in their apps, Betable is clearly going to be a dominant player as more real-money games move online and out of the shadows. Sports betting will benefit the most from this movement. Casino games suffer from a stigma here in the US, but nearly every sports fan engages in some betting. For instance, over 35 million Americans play fantasy sports.
Gambling laws are already changing. As local and state governments scramble for new revenue streams, they are loosening regulations and licensing more casinos. The direction we’re headed in is clear. We’re willing to bet (ha!) that within 5 years, online sports gambling will be legal. And Betable is well-positioned for that eventuality.
Here at Pickmoto, we are crafting a new generation of casual sports games. Our mission is to recreate the fantasy sports experience for the small screen. We want to provide a more flexible alternative to fantasy sports and capture offline office pools, which are a sizable chunk of the shadow economy. We look forward to working with Betable in the future.