Google has stumped up for yet another social networking start-up, fuelling rumours that its own social network to compete with Facebook is just around the corner.

Following Zynga and Slide, Google has busted out its cheque book and paid around $70 million for Jambool. Jambool makes Social Gold, payment software which lets devs stick payment methods straight into games.

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Essentially, Jambool is a rival to Facebook Credits, which offers a similar package. It appears that in buying Jambool, Google is looking to go head-on with Facebook in the social gaming space.

This is shaping up to be an almighty ding dong between the world’s most popular social network and the mighty Google. How will it play out? And who will come out on top? Tell us what you think on Facebook and Twitter.

Via TechCrunch