The investment total is led by $32m from Cannae Holdings and its chairman William P. Foley II, with other stakeholders including Genting Group, Point Break Capital and Searchlight Capital Partners.
“These investments will further enable our efforts to empower the digital transformation of the consumer experience and to transform consumers’ funding options within the gaming industry,” said Joe Pappano, CEO of Sightline Payments. “Building out organizational capabilities such as people, systems, technology, and marketing will further allow Sightline to capitalize on the growth of digital payments options across the gaming, sports betting, horse racing, and lottery markets.”
Foley was recently appointed chairman of Paysafe, and this latest investment in Sightline continues his holdings within the gaming fintech sector.
“Sightline Payments’ seasoned leadership team has a proven track record and a vision to capitalize on many of the highest growth sectors in the entertainment industry, and I look forward to working side-by-side with them to achieve their goals,” he commented.
Demand for cashless digital payment technologies has seen a marked increase in the last year, with gaming operators the world over implementing, or expanding capabilities in turn.
Through its flagship Play+ ecosystem, Sightline Payments counts more than 1.5m active accounts across its portfolio of 70 programs in 39 states. The Las Vegas-based firm estimates that online gaming revenue will grow from $3bn to $22bn over the next five years, with cashless technologies critical to this progress.
