PLAYTECH AND SPRINGOWL LEAD GAMECO FINANCING ROUND

Las Vegas-based gambling and esports betting company GameCo has announced a new financing round, as it looks to accelerate growth. 

Financial details of the round have not been disclosed, but it is being led by gaming technology giant Playtech and Jason Ader-led SpringOwl Asset Management, and is aimed at funding the development of new gaming products designed to attract new demographics to casinos. 

Additionally, GameCo has also entered a long-term distribution agreement with Playtech, with a view to commercialising its content globally. The deal gives GameCo immediate access to Playtech’s extensive network of hundreds of online casino brands, and will allow the company to build iGaming products on the next-generation Gaming Platform as a Service (GPAS) system, while leveraging Playtech’s advanced tech and extensive distribution footprint.

During 2020, GameCo launched an esports-dedicated brand, iGameCo, and an esports wagering solution. It also teamed up with US Bookmaking and Sky Ute Casino Resort, to launch an esports-first sportsbook in Colorado. Germany-based esports data supplier GRID provides integrated data and streaming solutions for GameCo’s betting solutions. 

Last week GameCo appointed former Goldman Sachs executive Adam Rosenberg as new Chief Executive Officer, taking on the role from former CEO Blaine Graboyes. Rosenberg is already very familiar with the company, having been a board observer with GameCo since 2018.

Discussing the financing round, GameCo CEO, Adam Rosenberg, said: “GameCo was founded with the intention of attracting and monetising younger gamers and gamblers who, unlike older generations, want interactive and varied digital gambling experiences both at casinos and from the comfort of their homes. COVID-related shutdowns and the need for large portions of the global population to be remote accelerated these trends.”

Jason Ader, CEO of SpringOwl, added: “There are very few market segments which are completely global, totally consumer-facing and instantly scalable. The intersection of skill and gambling online is rapidly emerging as a massive opportunity, and GameCo is uniquely positioned as one of the most innovative players in the industry.SpringOwl is always looking to invest in the next generation of trailblazers, and we believe GameCo is exactly that for the regulated gaming industry.”

And, Playtech CEO, Mor Weizer, commented: “We have followed GameCo’s progress for some time and have been very impressed with its innovative and creative content. GameCo’s expansion into digital markets comes during a period of great industry growth and potential. Today, players at U.S. online casinos alone spend over 30 million minutes daily playing games. GameCo’s entry into the regulated iGaming market is extraordinarily well timed, and we are delighted to be supporting its growth with our investment and our platform.”