socialmedian: BringIt lets gamers put their money where their mouths are

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BringIt lets gamers put their money where their mouths are

Source: VentureBeat

Jul 03, 2009

Summary

Gamers like to brag. That’s why a lot of social networks have risen to serve their need to shout about their achievements. BringIt is going a step further by letting them place bets on their duels.

The Chicago-based company has created a portal where gamers can log in and challenge others to play networked console games on the PlayStation 2, PlayStation 3, Xbox, Xbox 360, and the Nintendo Wii. The winner gets cash and BringIt takes a cut. The company is coming out of its beta testing soon.

“We’re taking online gambling and giving it a little edge,” says Woody Levin, the 30-year-old chief executive who founded BringIt in May, 2008.

It sounds like gambling, but the games fall under the definition of games of skill, which are legal in most states, in contrast to games of chance, which are considered gambling. (See Eric Eldon’s piece on the distinction in social games). Instead of poker or BlackJack, the games of choice are titles such as Ultimate Fighting Championship 2009, Killzone 2, Halo 3, Madden NFL, Fifa Soccer, and Call of Duty World at War.