The team of entrepreneurs that brought live horse-race betting to the Internet is at it again, this time turning to the world of mobile gambling.

David Marshall and Russell Fine, who co-founded YouBet.com Inc. and sold it to Louisville, Ken.’s Churchill Downs Inc. in 2009 for $127 million in cash and stock, formed Brentwood’s b Spot and have launched a mobile gambling platform of the same name.

“We are the PayPal for online gambling,” said Marshall, b Spot’s chief executive. The company, which has raised about $17 million from a group of outside investors, is authorized to conduct online horse wagering in accordance with state laws and the federal Interstate Horseracing Act. Only residents of California and Oregon can wager on b Spot, although the company expects to add states.

The mobile betting system has been in beta release for the past six months and officially launched late last month. The technology is being used in 43 games that have either been released or are in development.

After opening up a cash account, players wager on the results of as many as 150,000 horse races around the world with b Spot’s app or Web portal. Mobile games can then be used as a fun way to show bettors how much they’ve won. The game play has no effect on how much they won.

Meanwhile, b Spot takes a cut of every dollar wagered; game publishers are paid when players reveal winnings as part of gameplay.

“For the game publishers, it’s a very easy monetization engine,” Marshall said.

– Omar Shamout