Small-bet clinches big deals in the US and China

The Harrogate-based firm was founded last year by a consortium of businessmen and now includes former News International chief technology officer Xenophin Lategan, corporate finance expert Fred Parkes and local entrepreneur Neil Spence.

Games designers can incorporate the app into new and existing skills-based online games to allow players over the age of 18 to compete against their friends for limited amounts of money.

A tie-up with Texas-based Snakehead Software will see the company expand into North America and will also enable its software to be used on more platforms, including And- roid.

“Until now the Small-Bet SDK (software development kit) has only been available on iOS but SnakeHead Software is developing a plug-in that will bring our real-money, peer-to-peer challenge facility to other platforms,” said Neil Spence, managing director of Small-Bet.

In China, Small-Bet has teamed up with a digital media insider in Chengdu to introduce its platform to tech hubs in the coun- try.

Matt Vegh is part of the Sichuan National Promotion Base for the Game and Animation Industries, a government entity responsible for overseeing hundreds of game, app development and animation companies in Western China.

“Matt has been in Chengdu for 14 years and has built key relationships and ties to game developers in this fast-rising region which will help us introduce our platform to developers based there,” said Mr Spence.

Mr Vegh said Chengdu and Chinese game and app development companies were already making significant inroads into both the iOS and Android markets.

“This trend will only continue to accelerate and I’m excited about introducing a new channel of monetisation for these companies in an industry that is highly competitive.”

Small-Bet is the brainchild of Harrogate entrepreneur Mr Spence, a former painter and decorator.

He came up with the idea over a game of Fifa 2010 on Xbox 360 when he wanted to challenge a friend to play for money but couldn’t because they were playing from locations miles apart.

The ‘online real money challenging facility’ uses a Paypal account to transfer money from the loser to the winning party automatically when game play ends, ensuring the agreed winnings are held until the game is complete and then transferred to the winner.

Corporate finance accountant Mr Parkes joined the company from Grant Thornton earlier this year as finance director.

Mr Spence said previously: “The concept is an online evolution of the traditional pub wager when friends would challenge each other to a small bet on quizzes, darts matches and pool. Gamers can only challenge people in their phone contacts list which restricts its use to play between friends.”