Dive Brief:
- Sightline Payments, which provides payments services for the regulated gaming industry, has drawn an investment from JPMorgan Chase, the two companies said in a press release on Thursday. The investment was made through the payments unit of JP Morgan, the largest U.S. banking company.
- “As part of this deal, Sightline will work with J.P. Morgan Payments to develop an integrated omnichannel solution for resort and online gaming companies, serving the resort, entertainment, and lodging ecosystem,” the companies said in the press release. “This investment serves as one part of a multi-channel payments strategy J.P. Morgan Payments will be launching in the gaming and resort space in the coming months.”
- Spokespeople for the two companies declined by email to say how much money JPMorgan invested in Sightline, or what size ownership stake the bank has in the company as as result.
Dive Insight:
Las Vegas-based Sightline provides cashless, mobile and omni-channel software payment services for the gaming entertainment industry. The company said it has about 1.5 million user accounts for its flagship product. It seeks to provide consumers with a safe means of gambling online and in-person via cashless wagering and loyalty options.
Sightline, which benefits from converting a traditionally cash-based industry into a digitally-enabled one, projects that the market will expand into a $150 billion industry within years.
In March, Sightline tapped JPMorgan as its primary merchant acquirer, the payments firm said in a release earlier this year. As a result, the bank became the financial institution allowing Sightline’s gaming customers to spend their money at sports betting, lottery, racing, and online and brick-and-mortar casinos in some 40 states.
Sightline last year received a significant investment from Cannae Holdings, the investment firm led by William Foley II, who was formerly the executive chairman of payments processor behemoth Fidelity National Information Services, also known as FIS. At that time, Cannae led a $270 million investment in Sightline, per an August press release last year.
Prior to that venture capital infusion, Sightline landed an investment from the global investment firm Searchlight Capital Partners in 2020, those companies said in a press release in December of that year.
