GGRAsia – JP Morgan invests in Sightline to boost gaming payment tech

JP Morgan invests in Sightline to boost gaming payment tech

Oct 21, 2022 Newsdesk Latest News, Trends & Tech

Sightline Payments LLC, a financial technology (fintech) firm specialising in payments for the regulated gaming industry, says it has completed “a funding round” following a “strategic investment” from JP Morgan Payments. The details of the investment were not disclosed in a Thursday press release from Sightline.

As part of the deal, the fintech firm will work with JP Morgan Payments “to develop an integrated omnichannel solution for resort and online gaming companies, serving the resort, entertainment, and lodging ecosystem,” said Sightline.

The announcement quoted Sightline’s co-founder and co-chief executive, Omer Sattar, as saying the company was “confident that a strategic relationship” with JP Morgan Payments would allowSightline “to deliver a unique mobile user experience” for gaming industry patrons and “power the digital transformation” for gaming operators.

Sanjay Saraf, head of e-commerce and marketplaces at JP Morgan Payments, said in prepared remarks that the investment in Sightline “serves as one part of a multichannel payments strategy” that 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,” added Mr Saraf. “We are excited to work with Sightline to unlock the digitisation potential in enabling highly contextualised payments for the gaming and resort industry.”

The latest investment round was Sightline’s first such initiative in 2022. It followed two funding rounds in 2021, which were led by William Foley’s Cannae Holdings and Searchlight Capital Partners.

Malaysia’s Genting group was among investors that raised US$100 million for Sightline to acquire JOINGO LLC, a casino mobile application developer, in June 2021. Sightline launched in October 2021 a platform for cashless payment for non-gaming activities, sports betting, online gaming, and casino wagering accounts at the Resorts World Las Vegas casino complex, developed by Genting in Nevada, in the United States.

The fintech company announced late last year respective deals on casino cashless play technology with gaming equipment suppliers International Game Technology Plc, and Konami Gaming Inc.