Las Vegas-based company that offers digital payments tools in the sports betting and casino gaming market, Sightline Payments completed a $244m funding round valuing it at over $1bn.
The round was led by Cannae Holdings, with participation from existing investors Genting Group, Point Break Capital Management, and founding investor Walter Kortschak.
The company intends to use the funds to expand operations and its business reach.
Founded over a decade ago by Omer Sattar, Tom Sears, and Kirk Sanford, and led by CEO Joe Pappano, Sightline Payments is a digital payments provider and mobile app developer for the US sports betting and casino gaming markets with more than 1.5 million accounts and 70+ partners across the sports betting, lottery, racing, and online and brick-and-mortar casino markets.
Sightline leverages modern technology to a traditionally cash-based industry projected to grow to more than $150bn in the next few years. Sightline’s Play+ solution gives consumers a safe, secure, and responsible way to fund their online and in-person gaming activities and enables casinos to offer cashless wagering options across the entire property.
This round is Sightline’s second round in 2021. The company closed an earlier $100m funding round in April, which also included an investment by Searchlight Capital Partners. Building upon growth in the gaming and hospitality sectors, Sightline recently acquired JOINGO, the casino gaming industry’s top mobile engagement and loyalty platform.
Satter said, “The line of sight is constantly rising to meet the changing needs of the casino gaming industry. Nevada as we strive to lead the digital transformation of the patron experience in the industry. I am humbled to be the first FinTech unicorn in.
“Financial services have historically not embraced the legally regulated gaming industry, but thanks to the innovations Sightline has nurtured in the market, games are clearly ready for an omni-channel cashless revolution.”
Cannae Holdings chairman William P Foley II added, “After first seeing Siteline’s groundbreaking technology in the recent launch of Resorts World Las Vegas, this is about Siteline’s ability to be at the forefront of digital transformation in the North American gaming, sports and entertainment ecosystem. I’m more bullish than ever. I look forward to helping Sightline continue its incredible growth.”
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