b Spot, Founded By Former YouBet Founders, Gets $17M

The two, Los Angeles entrepreneurs behind online horse racing site Marshall and Russell Fine--have launched a new startup, called b Spot, which is looking to bring legal, online wagering to a wider audience--and have so far raised $17M in funding to bring the startup to life. According to the company, it has so far raised $17M in funding from high net worth investors, assisted by Roth Capital. The company is now in the middle of a $15M, secure convertible note fundraising, of which $8M has already been raised, as part of its efforts to allow U.S. players legally wager and win cash by playing casual games. The startup is leveraging Marshall and Fine's long history in the horse racing industry to bring the same kind of wagering into casual, mobile and online games. So far, the startup has been in invite-only in California, but Marshall says the company is eyeing expansion nationwide as it proves out its technology.