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Sightline Payments, a provider of cashless, electronic, and omni-channel payment platforms for the gaming, lottery, sports betting, entertainment, and hospitality industries, has raised $100 million in strategic growth funding.
Strategic participants in this round of financing include Genting Group, Point Break Capital, Searchlight Capital Partners, Shift4 Ventures, and Vectr Ventures, led by Cannae Holdings and William P Foley II, owner of the Vegas Golden Knights and newly named Chairman of Paysafe.
CEO Joe Pappano said: “These investments will further enable our efforts to empower the digital transformation of the consumer experience and to transform consumers’ funding options within the gaming industry.
“Building out organisational capabilities such as people, systems, technology, and marketing will further allow Sightline to capitalise on the growth of digital payments options across the gaming, sports betting, horse racing, and lottery markets.”
Proven track record
Foley II added: “Sightline Payments’ seasoned leadership team has a proven track record and a vision to capitalise on many of the highest growth sectors in the entertainment industry, and I look forward to working side-by-side with them to achieve their goals.”
Christopher Cruz, Managing Director at Searchlight Capital Partners said: “We are excited to be joined by a world class group of investors with relevant and deep experience in FinTech, gaming, entertainment, and sports.”
Sports betting and online casino interest grows rapidly
Public interest in sports betting and online casinos has exploded in the last year, thanks in part to the proliferation of regulated mobile gaming options in many states around the US.
Sightline Payments, for example, has helped sports betting rise by nearly 70 percent and igaming by nearly 200 percent by 2020. By 2026, the aggregate demand for online sports betting and online casinos is expected to expand from $3 billion in 2020 to $22 billion.
In a statement released Thursday, the firm stated: “The safety, security, and convenience of use within digital gaming channels has triggered a massive increase in consumer interest and casino operator demand for cashless digital payment technologies, generating tremendous sales growth for Sightline Payments solutions. Casino gaming is a $90bn revenue market in the US which serves over 100 million customers annually.”