The Chief Executive of social networking games provider, Water Cooler does
not rule out the possibility of offering gambling through its social games in
the near future.
Kevin Chou was speaking after the announcement of a lucrative investment deal
signed between Watercooler Inc. and Betfair Group Ltd.
Betfair is leading a $5.5 million Series B round of investment into the start
up group that was created only 2 years ago.
Watercooler develops games for Facebook and other social networks and its
fantasy games are enjoyed by millions of people around the world.
This year, Watercooler managed to attract over 1.7 million active Facebook
users to its 2009 Bracket Challenge application basketball tournament game.
The deal is of benefit to both groups, with Betfair getting a major leg-up
into the casual games arena and Watercooler enjoying the backing of one of the
biggest betting operators in the world.
Speaking about the possibility of Watercooler entering the gambling market,
Chou said that "the biggest concern is operating a business that is clearly
legal."
Watercooler can rest assured that Betfair is well versed in international
gambling laws and will be able to lead the group through the minefield of
legislations that govern the different countries around the globe.
The President of Betfair in the US, Gerard Cunningham, who will be joining
Watercooler's Board of Directors with the signing of the new deal, said:
"Consumers are spending more and more time on social networks and we see this as
a fantastic opportunity to benefit from Watercooler's leadership in the space,
and share with them our global, regulatory expertise."
Betfair is licensed in a host of countries around the world, including the
United Kingdom, Australia, Malta and the United States.
