Sightline Payments, a company closely related to Nevada’s gaming industry, is currently valued at over $1 billion. The company recently received an additional investment of $244 million from Cannae Holdings. Contributing to this valuation, existing investors including Genting Group, Point Break Capital Management, and initial investor Walter Kortschak also made substantial contributions.
Sightline is a financial technology (fintech) company that is popular with many gamblers, even though they may not recognize the company by name. This is especially true for residents of Nevada, where the company collaborates with almost every sportsbook operator in the state.
Omer Sattar, co-founder of Sightline, states:
Historically, the financial services industry has not shown support for the regulated gaming industry. However, with the innovations brought about by Sightline in the market, it is evident that the gaming industry is on the brink of a cashless revolution encompassing all channels.
Sightline is a company that typically operates behind the scenes of services used by gamblers in Nevada and across the nation.
Gambling is still “cash-centric”
Over the last few years, numerous retail businesses have transitioned to mobile payments for reasons of convenience or due to health and safety concerns related to COVID-19. However, the gambling industry remains an outlier, being one of the few retail sectors that still predominantly operates on cash.
Today, the only individuals I know who consistently carry cash are poker players and sports bettors. They are always uncertain when a wager will present itself or when they might feel the urge to partake in a game of cards. Firms such as Sightline Payments aim to facilitate a smoother transition for these individuals to gamble without the necessity of physical cash.
Satter further stated, “Sightline has constantly adapted to cater to the evolving requirements of the casino gaming industry. We are striving to spearhead the digital transformation of the customer experience in our sector. We are honored to be recognized as Nevada’s first FinTech unicorn.”
Over a decade ago, Omer Sattar, Tom Sears, and Kirk Sanford established Sightline Payments with the objective of providing consumers a secure and safe method to fund their online gaming experience. The company is successfully fulfilling its commitment.
Sightline in action
Sightline, initiated in 2013 alongside the launch of online gaming in New Jersey, has evolved to become an industry innovation leader today. They have achieved this status by introducing cashless gaming in traditional, brick-and-mortar casinos.
The Play+ service of the company is utilized in all sports betting apps in Nevada. Sightline is also amongst the numerous firms instrumental in transforming Resorts World Las Vegas into the first completely cashless casino in the US. Although the newly opened casino in Las Vegas still accepts cash, the cashless option is appealing to many who prefer not to handle paper money.
Sightline acquired JOINGO, one of the leading mobile engagement and loyalty platforms in the gaming industry, earlier this year. JOINGO is instrumental in powering the primary loyalty app for Resorts World Las Vegas.
Once established in person at the casino, sports bettors can remotely fund the Resorts World sportsbook app through Sightline’s Play+.
Sightline entered into a partnership with Marker Trax this summer. This agreement will enable sportsbooks to provide a credit option within Sightline’s Play+ payment solution.
Sightline offers solutions that simplify gambling for customers, which could potentially boost revenue for casinos and sportsbooks. The substantial valuation should enable Sightline to persistently acquire businesses and develop novel technology that offers advantages to both gamblers and casino operators.
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