Sightline Payments this week revealed that it secured a strategic investment from J.P. Morgan Payments.
According to a release, the undisclosed amount of funding will help the Las Vegas-based payments technology provider build a platform for resort and online gaming companies. The omnichannel platform would cover transactions for resort amenities, entertainment, and lodging. J.P. Morgan Payments will help with that development.
Sanjay Saraf, who heads up J.P. Morgan Payments eCommerce and Marketplaces division, said in a statement that Sightline has put together an “impressive” solution that can meet distinct needs for gaming and resort operators.
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,” Saraf said. “This investment serves as one part of a multi-channel payments strategy J.P. Morgan Payments will be launching in the gaming and resort space in the coming months.”
The investment comes after J.P. Morgan said it would become the primary merchant acquirer for Sightline’s Play+ system.
First Investment Round This Year
More than 1.5 Play+ accounts have been set up, according to Sightline Payments. In addition, the company has more than 80 partners in gaming. That includes lottery operators, sports betting apps, horse racing advanced deposit platforms, iGaming systems, and brick-and-mortar casinos.
“A gaming patron’s money should be safe, secure, and should follow that patron effortlessly through their digital and brick & mortar lifecycle. We are confident that a strategic relationship with J.P. 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,” said Sightline co-founder and co-CEO Omer Sattar.
J.P. Morgan Payments’ investment in Sightline is the first for the payment tech firm this year. Last year it had funding rounds led by William Foley’s Cannae Holdings and Searchlight Capital Partners.
Sightline Looking to Implement Cashless Tech in 250K Slots
Earlier this month, Sightline announced plans to invest up to $300 million to help operators upgrade technology in up to 250,000 slot machines across the country over the next three years.
Called Project 250, the initiative would make allow one-third of the slot machines in the US to take cashless wagers. Right now, there are only 10 states in the US with casinos that offer cashless gaming to their patrons.
Sightline is partnering with Acres Manufacturing Company on the endeavor. Acres offers a casino management system called Foundation that provides casino operators with real-time data on slot machine performance. It also allows casinos to issue bonuses to players through their mobile devices.
Sattar said that Project 250 will leave a lasting impact on the US gaming landscape.
“It’s the hardware and associated capital expenditures that’s often the impediment to the large-scale deployment of cashless payments for gaming operators,” he said.
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