Gaming license platform provider Compliable on Tuesday said it has secured $1.7m in seed funding.
The company formerly operating under the name Rebric said the funding round was led by Chicago-based KB Partners, a venture firm that invests in early-stage companies at the intersection of sports and technology.
Chris Oltyan, CEO of Compliable, said the company’s solution offers US sportsbooks a way to onboard and manage employees’ gaming licenses across multiple states, which cuts the time needed to get staff licensed from weeks to days, lowers the workload for compliance teams, reduces the costs related to licensing, and accelerates moving into new markets at a time when first mover advantage is critical.
The Compliable platform allows employees to securely enter their information just once with the data then being auto-populated across multiple forms, which Oltyan said makes it simple to apply for numerous jurisdictions.
Compliable said it has signed a deal with one of the largest sportsbooks in the US to facilitate the operator’s employee licensing process after already securing hundreds of licenses for the sportsbook during an initial trial.
Under the agreement, Compliable will manage the licensing process for more than 500 of the sportsbook’s employees.
Oltyan said Compliable currently is in talks with several top tier sportsbooks, with more deals to be announced soon.
“Every US state has different requirements when it comes to employee licensing, putting a huge strain on compliance teams and generating substantial costs for operators,” Oltyan said in a statement. “After speaking to sportsbooks, their vendors, partners and suppliers, we found that all of them were facing the same problem around employee licensing and were looking for the same solution.”
David VanEgmond, founder and CEO of Bettor Capital, a fund focused on the US sports betting opportunity and an investor in Compliable’s latest round, added: “Regulatory compliance is serious business in gaming, and providing software to automate this saves companies in the industry significant time and money. I know the value of Compliable’s software personally as a previously licensed executive in the space, and was excited to invest in and support the company’s vision to become the ‘TurboTax’ for the online gaming space.”
