San Francisco-based startup Skillz has raised $6 million in equity funding and venture debt to bring cash stakes to mobile games. With this type of functionality, players usually put in an ante of 60 cents with the hopes of winning a $1 prize. Skillz currently shells out $10,000 per day in cash rewards across 175 games running on its platform. The game developers are also making more revenue with cash tournaments than they are through traditional advertising. Continue reading Skillz Has Plans to Expand Play-for-Cash into Mobile Gaming

Las Vegas could soon be facing competition from social networks and gaming companies. “Silicon Valley is betting that online gambling is its next billion-dollar business, with developers across the industry turning casual games into occasions for adults to wager,” reports The New York Times. The games are aimed at overseas markets for now, where attitudes and laws regarding gambling are more relaxed and very lucrative. Continue reading Will the Tech Industry Go All In for Online Gambling?