Gambling industry-focused digital payments provider Sightline Payments has secured new investment from the JP Morgan Payments arm of investment bank JP Morgan during a funding round.
Under the investment agreement, Sightline will work with JP Morgan Payments to develop an integrated omni-channel solution for resort and online gambling companies, serving the resort, entertainment and lodging ecosystem.
Sightline’s current flagship Play+ product allows consumers to gamble online with a large number of licensed online gambling operators in the US. This was expanded last year to also support cashless gaming at land-based casinos, with the solution having been rolled out with Boyd Gaming and at Resorts World Las Vegas.
Play+ allows players to access to funds from any location and earn loyalty for their spending with more than 80 partners in over 40 states across the sports betting, lottery, horse racing, and online and land-based casino markets.
“A gaming patron’s money should be safe, secure, and should follow that patron effortlessly through their digital and brick and mortar life cycle,” Sightline co-founder and co-chief executive Omer Sattar said.
“We are confident that a strategic relationship with JP Morgan Payments will allow us to deliver a unique mobile user experience for those gaming industry patrons and power the digital transformation for gaming operators.”
JP Morgan Payments’ head of ecommerce and marketplaces, Sanjay Saraf, added: “We believe that industry-specific contextual software is critical to powering any payments ecosystem to create a unique, engaging consumer experience and also to transform the revenue potential for merchants.
“This investment serves as one part of a multi-channel payments strategy JP Morgan Payments will be launching in the gaming and resort space in the coming months. Maintaining a safe gaming industry is a priority for us, and Sightline has created an impressive software platform highly tailored to the needs of the gaming and resort ecosystem.”
This investment round was Sightline’s first in 2022 and follows two funding rounds in 2021, including one led by William Foley’s Cannae Holdings that raised $244m in a new funds and increased the provider’s total valuation to over $1bn.