Fintech company Sightline Payments, a provider of cashless solutions for lottery operators, casino resorts and sports betting, has secured $100m in strategic growth investment.
Led by Cannae Holdings and William P Foley II, owner of the Vegas Golden Knights and recently appointed Chairman of Paysafe, strategic investors in this round of funding include Genting Group, Point Break Capital, Searchlight Capital Partners, Shift4 Ventures, and Vectr Ventures.
CEO Joe Pappano stated: “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.”
Foley II commented: “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.”
“We are excited to be joined by a world-class group of investors with relevant and deep experience in FinTech, gaming, entertainment, and sports,” added Christopher Cruz, Managing Director at Searchlight Capital Partners.
Over the past 12 months, consumer interest in sports betting and online casino has grown rapidly, in part due to the expansion of legalised mobile gaming opportunities in many US states.
Payments companies like Sightline Payments have helped sports betting grow by nearly 70% and igaming by nearly 200% in 2020. The combined online sports betting and online casino market is projected to grow from $3bn in 2020 to $22bn by 2026.
The firm said in its statement: “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.”